Spanish insurer Mapfre SA is planning to tighten its risk management to stem losses in its reinsurance business due to the rise in natural catastrophes over the last three years, Expansión reported Jan. 16.

Citing the company's CFO Fernando Mata, Mapfre will be more selective about risk without necessarily changing its overall strategy or geographical focus. It will also raise prices to improve reinsurance coverage in the future and invest in better predictive models to better cushion the cost impact of natural catastrophes.

The insurer said in December that typhoons in Japan and riots in Chile could affect its results by €130 million to €140 million.

The group plans to update its financial targets in March to deal with the increasing costs from reinsurance.