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Daily Insurance Industry News
Monday 20th of May 2019
November 17, 2009

ProtectMyHoliday warns of Christmas airline risk

by Gill Montia

Story link: ProtectMyHoliday warns of Christmas airline risk

ProtectMyHoliday.com is warning travellers to be cautious about Christmas holiday arrangement as the travel industry continues to face large losses.

According to the travel failure specialist, the International Air Transport Association recently predicted that the global airline industry will make a cumulative loss of €11 billion this year, a steep increase on the €9 billion estimated in 2008.

However, the firm estimates that over half of travellers leaving the UK during this year’s festive season will be without financial protection, despite the last two Christmases having seen a number of airlines collapse.

Sales and marketing manager, Michael Ward, recommends that if a trip is booked with an ATOL travel agent, travellers should ensure an ATOL receipt is issued as soon as money changes hands.

Other should check their insurance policies to ensure they include financial protection, which should crop up under sections such as Scheduled Airline Failure (airline only) and End Supplier Failure (airline plus all other suppliers, e.g. hotels, car hire).

Alternatively a dedicated policy can be purchased on-line and tailored to include the details of the airline and other suppliers involved in the trip.

In September, ProtectMyHoliday’s parent company, International Passenger Protection, reported a sharp increase in demand for protection against the failure of established “legacy” carriers, such as British Airways.

The firm provided a risk exposure snapshot as follows: British Airways came top with over 20% of the total sum insured; Virgin Atlantic second with 12%; and Jet 2 third with 11%.

 

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