PGNiG oil&gas now targets insurance

Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) will provide insurance and reinsurance services to other State Treasury companies through a specialized company. This is a novelty, although in 2017 the company established a broker for its own needs.

The broker operating in the PGNiG Group is the only licensed insurance and reinsurance intermediary with the participation of the State Treasury. The company is in the process of obtaining a Lloyd’s license, which will enable direct cooperation with one of the most important reinsurance markets in the world.

According to the “Miesięcznika Ubezpieczeniowego” review, the value of brokerage commissions earned by the 15 largest brokerage groups operating on the Polish market in 2019 amounted to approximately PLN 1.25 billion. According to estimates, about 30-40% of this amount may come from the state-owned companies sector.

The PGNiG Group already offers reinsurance and insurance services. In 2017, it appointed an insurance and reinsurance broker that provides services to entities from the PGNiG Group.

PGNiG has been listed on the Warsaw Stock Exchange since 2005. The Group deals with the extraction of natural gas and crude oil in the country, the import of natural gas to Poland, gas storage in underground gas storage facilities, distribution of gas fuels, as well as the development of natural gas and crude oil deposits in the country and abroad, as well as the provision of geological, geophysical and exploration services in Poland and abroad. Consolidated revenues amounted to PLN 39.2 billion in 2020.

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