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02/11/2020
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Coface cuts bureaucracy / Relief for customers with regard to obligations in the Vienna Credit Insurance

Coface cuts bureaucracy / Relief for customers with regard to obligations in the Vienna Credit Insurance

The international credit insurer Coface is temporarily relaxing individual contractual provisions for its clients. The deadline for the notification of overdue accounts is extended by 60 days. "As a credit insurer we see social responsibility for our employees as well as economic responsibility for our clients and partners. With these measures we would therefore like to support our domestic companies in particular, which currently need all their strength to steer their business safely through this crisis", explains Declan Daly, Regional CEO of Coface for Central and Eastern Europe. "We appeal to companies not to underestimate the importance of diligent risk management. Risk avoidance and damage limitation must remain in the focus", emphasizes Daly.

 

Georg Sattler, Regional Director for Information, Debt Collection and Claims for Central and Eastern Europe, has already experienced several crises in his many years of experience as a risk expert. But now this has taken on a new dimension for him too. "What we are currently experiencing with an uncertain outcome is unprecedented. Parallels with 2008/2009 are also only possible to a limited extent", explains Georg Sattler. On the risk side, the situation is complex in terms of countries and sectors. "The current effects of the corona crisis on supply chains and entire value-added chains are meeting the already tense situation due to political risks. Predictions on the concrete development of insolvencies and losses in credit insurance are not possible at present. The only thing certain is that both will increase."

 

Coface is working intensively on the individual examination of the rising risks in countries and industries. "We take concrete measures, in particular the adjustment of limits, selectively", says Georg Sattler. "We make new decisions practically every day and keep a cool head. The global network of the Coface Group works well and is stable. I think this is an important message for our customers."

 

Declan Daly underlines this: "Coface has switched its business operations to teleworking in a very short time. Worldwide, even in Austria, almost all employees are in the home office. All systems are working, so that customer service is guaranteed. This, along with employee health care, is the top priority at the moment."

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