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Cathay's last-minute deal averts shutdownCathay's last-minute deal averts shutdown
26-Sep-2001
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Cathay Pacific Airways and Dragonair yesterday struck a last-minute insurance deal which will keep their planes flying. The airlines secured an agreement with a private insurer in the US, so avoiding the need for government intervention.
In the wake of the US tragedy on September 11, insurers had capped payouts for terrorism and war at $50m, far lower than needed by Cathay Pacific.
But according to local reports, Cathay will pay much higher premiums, which may lead to higher fares.
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(16-Oct-2001) - EUROPE. At press-time ACI Europe was warning that European airports could be just days from a total shutdown because of reduced insurance cover. Leading airports, previously covered for up to $1bn, are now being offered cover of between $5m and $50m per incident.
(13-Oct-2001) -
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