Manufacturing Industry
EU extends war risk insurance aid
Airline Industry Information, Dec 5, 2001
AIRLINE INDUSTRY INFORMATION-(C)1997-2001 M2 COMMUNICATIONS LTD
European Union finance ministers agreed on Tuesday (4 December) to allow EU governments to continue to cover war and terrorism insurance risks for airlines.
Permission for covering airlines` insurance risks was given following the 11 September terrorist attacks in the USA when insurance underwriters around the world cancelled war risk liability cover for third parties and increased premiums for new policies.
European carriers have maintained that they require extended help with insurance cover in order to remain competitive against US airlines, which were awarded an aid package by their government following the terrorist attacks.
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