The insurance sector in Ukraine is developing in a positive way although has still low levels of investment and insurance in general is not very widespread in Ukraine, however, the fast growing of the Ukrainian economy is attracting much interest from overseas; especially from Europe, Russia and Western Europe.
In 2007, there were 378 registered insurers in Ukraine including 41 life insurance companies; the biggest insurance companies are Ingo, SkideWest, Etalon, Oranta, Aska, Grawe Ukraina, Alico AIG, TAS, Ekko, Nadiya, Generally Garant, Universalnaya, Lemma, PROsto, Avantyeh, Aura, AKU Garant, and Garant-Avto.
The State Commission for Regulation of Financial Services Markets of Ukraine is the organism in charge to provide the corresponding license to insurance companies. The restriction on foreign shareholders in insurance companies has been eased and now companies are allowed to have a foreign shareholding of 100%.
Foreign visitors should consult with their local insurance company prior to traveling abroad to confirm the coverage upon arriving Ukraine.
Ukrainians and foreigners who reside permanently in Ukraine enjoy the right to a free-of-charge medical assistance. Insurance companies in Ukraine are obligated by law to ensure war veterans and invalids for free. Personal accident insurance is required for all passengers on public transportation. Auto insurance is the most common type of Insurance in Ukraine but also the least profitable.
Obligatory insurance is established by laws in Ukraine. Since 1998, the Ukrainian Government requires that all the foreigners who reside temporarily in the territory of Ukraine are required to obtain mandatory emergency medical insurance from the Ukrainian State Insurance Company DASK "Ukrinmedstrakh". This insurance costs about 62UAH per month and exempts foreigners from payment of the costs for emergency medical treatment. This insurance can be obtained from local offices of the Ukrainian Department of Citizenship, Migrations and Registration (formerly know as OVIR).
Address: 65, Olesia Honchara Str., Kyiv, 01601, Ukraine
Telephone: +380 (044) 216-30-21, 216-11-27
Medical Assistance: +380 44 216-80-10, +380 44 216-09-97