Spanish insurance giant Mapfre Assistance is on the hunt for new opportunities as it continues to build its Australian presence.

Mapfre entered the local market in 2012 with its award-winning direct online travel insurer InsureandGo, but it has stayed under the radar until a spate of new initiatives this year.

The Madrid-based company acts in Australia as an authorised representative of Mitsui Sumitomo Insurance.

In May it created a second travel brand, Tick Travel Insurance, and also partnered with Dublin-based Blue Insurance to launch multitrip.com.au.

A Mapfre spokesman told insuranceNEWS.com.au it will continue to grow its travel insurance operations, but also wants to diversify.

“[We] not only look for local partners, we also support our international partners by helping them expand into the Australian market.”

Mapfre recently teamed up with Queensland water supplier Unitywater on water leakage insurance.

“We both saw a need for homeowners to be covered in the event of concealed leaks and home emergencies on their property,” the spokesman said.

“We also saw this in line with our strategy to diversify our product offerings and broaden our experience in the Australian market.”

The spokesman says Mapfre has detailed plans for growth.

“We intend to launch a different range of products locally, some of which include warranty programs, credit protection, GAP [insurance covering the difference between the insurance payout on a vehicle and the amount owed on it] and other coverage,” the spokesman said.

“We also aim to introduce a variety of our lifestyle products, which cover daily items such as home appliances, computers, mobile phones or devices, and credit cards for additional peace of mind.”