Ukraine insurance – where do you stand?
25 April 2014
Ukraine has been a potentially difficult travel destination since last November with the risk assessments for insurance in Ukraine fluctuating widely – in some cases invalidating standard travel and business insurance.
Ukraine, which had a standard insurance rating for many years, began to see risk escalation when protests began against the government of Viktor Yanukovych back in November. Many were killed during the protests, which eventually led to the overthrow of Mr Yanukovych, who fled to Moscow at the end of February.
The crisis has exposed deep divisions within the country between those in the west, largely favouring greater ties with Europe, and those in the east, favouring Russia.
In Crimea the majority of the population identifies itself as Russian and in March, following what was seen by many as an illegal referendum, the peninsula was annexed to the Russian Federation.
In eastern Ukraine the situation is potentially more volatile than Crimea since local opinion is divided. This is also the country’s industrial heartland and of considerable economic importance.
What impact is the crisis having on Ukraine insurance?
In the first quarter of this year, the Ukraine country rating for personal accident insurance has changed every month.
• January – Low risk
• February – Medium risk
• March – Extreme Risk (the highest category)
• April – Severe Risk (one below the highest)
What does this mean if you are travelling to the Ukraine?
Given the current risk situation it’s possible that standard travel insurance and business insurances may be invalid.
Bellwood Prestbury provide specialist cover that will remain valid even if the situation deteriorates further. We recommend a high standard of medical, personal accident and life insurance, along with robust medical evacuation and repatriation cover, all designed to cover you in the event of war or terrorism.
We also provide kidnap and ransom insurance, which might be particularly relevant for journalists and media people working in the conflict zones. A US documentary maker has recently been taken by pro-Russian militiamen.