Czech insurance firm enters Poland

Kupeg, a leader on the Czech  market for commercial credit insurance, has opened an office in Warsaw. The company has ambition to be number one in Poland within five years. “In the next three years we aim to be one of the three biggest credit insurers in Poland, and in the next five we want to be an undisputable market leader,” said Michał Winiarski head of the firm’s branch in Poland. “Our office employs nine workers, but we plan to open regional offices as we prefer to offer customer service at the local level,” he added. According  to analysts, the credit insurance market is stagnant. To achieve its aims Kupega needs to compete on prices. “The alternative is to introduce products currently unavailable in Poland,” Marcin Olczak, director of Credit and Political Risk at Marsh Poland, was quoted as saying by Polish daily Puls Biznesu. Kupeg is the market leader in the Czech Republic and a part of Credendo Group, the fourth largest European group of credit insurers. Kupeg insured transactions with €7 billion in 2013.