PKO BP bank to create property insurance firm
July 11, 2014
Poland’s top bank PKO BP filed a motion to financial market regulator KNF to create a property insurer which should launch its activity in Q2 2015, and wants to select a strategic partner for the project no sooner than in 2015, the bank said on Thursday.
The products of the new property insurer will be directed at individual as well as SME clients, and will be distributed through the PKO BP network and virtual channels, the bank said.
In line with earlier announcements, PKO BP wants to introduce a new bancassurance model basing on two pillars: a life insurer (PKO BP took over a life insurance firm from Nordea) as well as a property insurer. The bank's strategy also assumes building a joint-venture in insurance with a strategic partner.
To date PKO BP co-operated with 12 different insurance firms.