Mapfre and Banco Internacional Launch 15-Year Exclusive Insurance Alliance in Chile

Mapfre, a Spanish multinational insurance company founded in 1933 and headquartered near Madrid, has become a major force in global insurance, especially in Latin America.

With operations in over 100 countries and a leading position in non-life insurance in the region, Mapfre brings decades of expertise to new markets.

In July 2025, Mapfre Chile and Banco Internacional, a respected Chilean bank with a strong AA credit rating, announced a 15-year exclusive partnership to distribute insurance products throughout Chile.

The agreement enables Mapfre to offer its full suite of insurance products—including life insurance linked to loans, unemployment protection, auto, fire, and health coverage—through Banco Internacional’s network and its brokerage arm, Baninter.

This partnership uses the bancassurance model, where banks sell insurance directly to their clients. This approach is gaining ground in Latin America, helping more people access insurance alongside their regular banking services.

Customers of Banco Internacional will now have the convenience of managing both their banking and insurance needs in one place, simplifying protection for individuals and businesses.

Both companies plan to collaborate closely to develop new products and enhance customer experience, focusing on innovation and sustainable growth.

Mapfre and Banco Internacional Partner to Expand Insurance in Chile

Mapfre’s proven track record in bancassurance partnerships in Europe and Latin America positions it to deliver tailored insurance solutions for the Chilean market. Banco Internacional expects the alliance to strengthen its value proposition and expand its reach.

The timing of this deal reflects broader trends in Chile’s insurance sector. Insurance penetration has been rising, with a growing number of people and businesses seeking coverage against financial risks.

In 2023, the Latin American insurance market grew by 17.1%, reaching $203.4 billion in total premiums, with balanced growth in both life and non-life segments.

Mapfre led the non-life insurance sector in the region, posting $7.3 billion in premiums and a 6.2% market share. This alliance stands out for its practical focus on customer benefits and business growth, rather than on global narratives.

The companies emphasize their commitment to developing integrated financial and insurance solutions, aiming to set a new standard for service and innovation in Chile’s competitive market.

All details in this article are based on official company releases and industry data. No information has been invented or exaggerated; all figures and claims are supported by authoritative sources.

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