Sampo only wants Scandinavian business
The Finnish Sampo insurance company has decided not to insure Polish companies and to service only Scandinavians.
The company claims that as it sold Sampo Industrial Insurances at the beginning of the year which was its corporate insurance arm then it has no way to service none Scandinavians.
Sampo received permission to enter the Polish market in 1999. The company concentrated on offering insurance for industrial, energy and wood concerns. By last summer contributions were PLN3m and profits PLN165,000. However as it gave up on its Polish clients, revenue fell to PLN1.9m and its technical losses came to PLN4m.