EUROPA Group has entered the Ukrainian insurance market

22 February 2012 — Olesea ADONEV
EUROPA Group one of the largest insurers in Poland, has expanded its business in Ukraine and has founded two insurance companies: EUROPA Life and EUROPA UA. The main goal of EUROPA Group is selling life and risk insurance products in bancassurance system through a partnership with IDEEA Bank. Therefore, IDEEA Bank will become a platform for selling products by EUROPA Group's member companies, writes the Kommersant website.

GETIN Holding S.A. is the majority shareholder of the EUROPA Group, with 66.54% of total shares, and is also owner of IDEEA Bank in Ukraine. According to experts, the Polish insurer may gain ground in Ukraine only if the company will focus on the retail segment. The business development strategy of the Group in Ukraine will be similar with Poland's model created for the Eastern markets, based on selling bancassurance products (bank loans insurance, especially refering to mortgage loans).

"We are holding a leadership position on the bancassurance segment in Poland. Therefore, we want to develop and to expand our business in new markets", said Jacek PODOBA, President EUROPA Group.

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