The National Bank of Ukraine (NBU) has canceled the licenses for insurance activities of INGOSSTRAKH and PROVIDNA, Forinsurer writes with reference to the NBU report.

The licenses of INGOSSTRAKH were canceled because the insurer's ownership structure does not meet the requirements of Ukrainian legislation. PROVIDNA did not comply with the requirements of the NBU's decision to eliminate violations of license conditions.

The NBU Board adopted these decisions on March 23, 2023, and they came into force on March 24, 2023.

According to the latest reports submitted by INGOSSTRAKH for 2022, as of December 31, 2022, the company's market share in insurance premiums was 0.4%. According to PROVIDNA's financial statements for 2022, as of December 31, 2022, the company's market share in insurance premiums was 2.7%.

Insurance companies INGOSSTRAKH and PROVIDNA are among the top 50 insurers of Ukraine (based on the official results for Q32022).