Mapfre credit insurance may see profits soar by 55% in 2005
Chilean credit insurance company, Mapfre Garantías y Créditos, is on track to increase its profits by 55 per cent to 700mn pesos (US$1.21m) this year, thanks to higher premiums and investment gains, the company's CEO Rodrigo Campero told BNamericas. “Mapfre Garantías y Créditos reported earnings of 450mn pesos last year and we have already reached two-thirds of that figure during the first four months of the year," Campero said. "We feel there is room to grow as more companies become aware of this cover. We also need to design products for other niche markets such as small- and mid-sized firms," he said. Chile's credit insurance market is growing at a rate of 17-20 per cent a year and premiums totalled 11.9bn pesos in 2004.
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