800,000+ customers
27 locations
92% recommend us
Home Info Ukraine and insurance

Ukraine and insurance

We are all following Russia's invasion of Ukraine with sadness. The situation is constantly changing and has an impact on many things in our society. New sanctions imposed by the EU also affect policyholders and how insurers should deal with laws and regulations. Therefore, we would like to inform you on this page about the situation in Ukraine in relation to insurance. Do you have any questions? Then please do not hesitate to contact us! We will be happy to help you.

Sanctions laws and regulations

The sanctions lists are regularly updated on the basis of increased sanctions by, among others, the United Nations (UN), the United States (US) and the European Union (EU). Companies and especially financial institutions, including insurers, must currently be extra alert to additions to the sanctions lists in connection with the war between Ukraine and Russia.

Sanctions legislation and insurers

Under the Dutch Sanctions legislation, it is prohibited to contribute to supporting an activity or transaction of a person, entity or country on the sanctions lists. There are high penalties for non-compliance with this legislation. It is important for insurers to check, when they take out insurance, during the term of the insurance policy and before it is paid out, whether the persons involved in the insurance (e.g. the policyholder, the beneficiary or the beneficial owner) are on a sanctions list. These rules also apply to other business relationships, such as damage repair companies or the office catering company. Then no business relationship may be entered into, such as taking out an insurance policy. It is also not allowed to make payments or pay out. A 'hit' must also be reported to the supervisor.

Dutch insurers comply with sanctions drawn up by the EU in response to the situation in Ukraine. Sanctions are coercive instruments that are used in response to violations of, among other things, international law. In this case, because of the war in Ukraine.

Private

Travelling to Ukraine

If you want to travel to Ukraine it is important that you always follow the travel advice of the Ministry of Foreign Affairs. The travel advice of the Ministry of Foreign Affairs is leading for travel insurers and may have consequences for the coverage of your travel and cancellation insurance. If you have any doubts or questions, please do not hesitate to contact us.

Travel advice for Ukraine tightened

Ukraine is currently subject to a red travel advice (very serious security risks) due to the Russian invasion. This means that it is dangerous to travel to this country. The government has advised against travelling there under any circumstances and has made it clear that they cannot help. Stricter travel advice has also been issued for countries bordering Ukraine and Russia.

Travel insurance

Are you currently in Ukraine? Then register with the Ministry of Foreign Affairs. They will know that you are in the country and you will be kept up to date with the latest information. If the travel advice is red, as it is for Ukraine, your travel insurance may not cover damages you incur if you choose to travel anyway.

Cancellation insurance

Usually there is no cover on the cancellation insurance because you prefer not to make the trip. Please contact your travel agency, tour operator or transport company to discuss the possibilities. You always have the right to cancel the trip. But please note that you are obliged to pay the travel sum due at that time.

Legal expenses insurance

The conflict in Ukraine may also lead to legal problems. Think of problems with booked or cancelled trips, suppliers who do not deliver purchased goods or customers who cannot take delivery of ordered items. Legal aid insurers are there to help their clients (both private and business) in such cases.

Car and motor insurance

The Netherlands Motor Insurers' Bureau reports that there are consequences now that several Russian banks are/were excluded from SWIFT:

Business

Credit insurance

The risk that a company faces when supplying products or services to debtors located in the Ukraine, and these services only become payable after delivery (so-called "trade credit"), has further increased due to the rising tension in the region. In response to the developments, it is good to reconsider this risk and possibly take measures, for example, by making new deliveries on a prepayment basis or by obtaining additional guarantees. The coverage offered by credit insurers to suppliers may be further adjusted as a result, both in terms of available coverage capacity and in terms of premium and conditions.

Cyber insurance

Cyber insurances do not focus specifically on threats from a country or region and therefore do not usually have specific exclusion(s). However, 'war' may in some cases be included as an exclusion. If you have any doubts or questions about this, you can always contact us.

In general, the following applies:

Source: Dutch Association of Insurers

Transport insurance

The transport sector is also affected by Russia's invasion of Ukraine and the closure of airspace, waterways and borders. Security officers of shipping companies receive direct signals from the Coast Guard about additional measures that apply in the event of an increase in the threat level. Ukraine is now a closed area for sea-going vessels. The usual war clause (M3) in goods transport insurance has come into effect. This usually has consequences for the coverage.

Prohibition on insuring damage caused by acts of war

A regular non-life insurer with its seat in the Netherlands is prohibited from insuring claims caused by or arising from an armed conflict, civil war, insurrection, internal civil commotion, riot or mutiny occurring in the Netherlands. The prohibition only applies to insurers under Dutch supervision. Branches of foreign parties can however offer coverage against forms of war for Dutch clients.

Catastrophes are large-scale violent calamities caused by human action.War and other large-scale calamities are often excluded from coverage because of the cumulative risk and the potential for endangering the financial stability of insurers. Some forms of them are therefore regulated by law.

A statutory exception has been made for mutual insurers. The above prohibition does not apply to these insurers. This specifically concerns mutual associations with their registered office in the Netherlands and mutual associations with their registered office outside the Netherlands that exclusively take out non-life insurance policies relating to damage that can be caused by, or arise from, armed conflict, civil war, revolt, internal civil commotion, riots and mutiny.

In marine, transport, aviation and travel insurance, it is permitted to insure risks of molestation in the generally customary molestation clauses as long as the Dutch Central Bank (DNB) has not expressed objections.

Source: Dutch Association of Insurers

Can we help you? Then please do not hesitate to contact us! You can call us at 088-688 3700.

We can be reached via Chat, Whatsapp, phone or email

Please feel free to contact us if you would like to know more.
We are here Monday to Friday from 08:00 to 18:00.

get in touch