The Business Year

Miguel Ferrari

SPAIN - Economy

Miguel Ferrari

Regional Director for the Balearic Islands, Seguros Bilbao

Bio

Miguel Ferrari holds a degree in business administration and management and a master’s in banking management and financial markets, having started his professional career in commercial banking. In 2007, he joined Seguros Bilbao as sales manager for life insurance and financial products in the southern area, and since 2011 he has been Territorial Director of the Balearic Islands.

Seguros Bilbao’s diverse portfolio gives it the ability to advise clients
in both established sectors in Mallorca such as real estate, as well
as up-and-coming areas like yachting and sports.

How would you describe the presence of Seguros Bilbao on the Balearic Islands?

An insurance company, Seguros Bilbao deals with risk management, which is a fundamental factor in the smooth running of our lives and also businesses. Grupo Catalana Occidente is the owner of Seguros Bilbao after acquiring the company in 2004. Seguros Bilbao has been operating for over 100 years, and Catalana Occidente has over 150 years of history, so both of them bring a great wealth of expertise in the sector. The Balearic Islands has great importance within the company, as it is one of the places with highest business volume. Our business model is based on the proximity of highly qualified professionals that distribute our products through commercial offices. It is a model based on client service so that advice can be given directly. One thing that clients demand, nationally and foreign, is excellent post-sales service. Our professionals and the services that we cover are what differentiates us. The main economic income of the island is tourism, and that makes it attractive for investors seeking a second home. There are many foreigners from different countries here, mainly European, and culturally these clients place greater importance on insuring their belongings. They also want a service that can explain the regulations of Mallorca in their own language, and we have employees who are able to speak different languages. The more business-orientated clients are usually linked to hotel or hospitality investment and also seek someone who can directly advise them and solve any problems that might occur. Right now, we are ranked the fifth insurance company in Spain, which shows we are an important company within our business.

How has Seguros Bilbao been experiencing the boom in Mallorca’s real estate sector?

The main demand has always come from German and English buyers, though we are now seeing more Nordic interest. In general, foreign investors look for luxury properties located on the coastal areas. Personally, I have noticed certain changes that depend on the origin of the investor. For example, there has been more interest from a certain client in more rural areas. In the larger places like Palma, there is a Nordic presence. For example, in Santa Catalina, the old fishing town, we have seen a process of gentrification and more shops and services dedicated to them. Depending on the investor, there are different options within real estate investment. As a result, there are companies and estate agents that specialize in this. There has also been a great impact on prices. When someone request our services, we study the case and offer solutions for potential risks that may happen in the future in any area of their life: the equity of a property, business, or of any other area. We are connected to every sector and receive large amounts of information. Also, throughout COVID-19, we were helping companies manage risk factors and reduce protection costs. We have remained close to our clients and helped them with the information that we have.

How are new sectors in the islands such as sports being reflected in Seguros Bilbao’s portfolio?

The Baleares is extremely sport focused, and we have many local athletes as well as people who come here to do sports. Nautical sports are the main star, and we work in this sector via nautical clubs and advisors. It is an important sector due to the advice for boat insurance and also the nautical and marine businesses in the area. There are other sports like golf that are also important, whereby we work with the golf courses. Another sport is cycling, which is common in summer, and we have products that cover cyclists. In 2021, we held Joysail Ibiza for the first time, the first super yacht event ever. We sponsored this event along with Marina Ibiza and STP. The nautical sector is growing significantly right now and creates large sums of money. We also cover the maintenance of these yachts.

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