Ukrainian insurer exits the market after 20 years in business
7 July 11:33
The National Bank of Ukraine has approved the voluntary withdrawal of PrJSC “Insurance Guarantees of Ukraine” (SGU) from the insurance market. The company will cease operations by fulfilling its insurance portfolio, after which it will apply to the regulator to revoke its license to conduct insurance activities. This was reported by the NBU, according to "Komersant Ukrainian"
On July 2, the NBU Committee on Supervision and Regulation of Non-Bank Financial Services Markets approved a plan for PJSC “Insurance Guarantees of Ukraine” to voluntarily exit the insurance market.
This decision was made following a request from the company and the approval of the corresponding plan by its shareholders.
Once the process of settling its insurance portfolio is complete, the insurer must submit an application to the National Bank to revoke its license.
According to the regulator, the shareholders of PJSC “Insurance Guarantees of Ukraine” decided to voluntarily exit the market and approved the corresponding plan on June 2, 2026.
The National Bank granted final approval on July 2, 2026.
What was the company’s market share?
According to the NBU, PJSC “Insurance Guarantees of Ukraine” held a minimal share of the Ukrainian insurance market:
- 0.003% in terms of insurance premiums;
- in terms of technical reserves— 0.003%.
Therefore, the company’s exit will not have a significant impact on the stability of Ukraine’s insurance market.
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What the insurance company did
PJSC “Insurance Guarantees of Ukraine” has been operating in the Ukrainian insurance market since 2006.
The company specialized primarily in corporate insurance, specifically:
- aviation risks;
- property insurance;
- motor vehicle insurance;
- other specialized types of insurance.
What Does “Honoring the Insurance Portfolio” Mean?
Portfolio run-off means that the company does not cease to fulfill its obligations to existing customers. Until all contracts have expired or insurance claims have been settled, the insurer continues to service the existing policies.
Only after this process is complete can the company permanently revoke its license and cease operations. This mechanism is provided for in the National Bank’s regulatory framework for the voluntary exit of insurers from the market.
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