NU Online News Service, April 19, 4:09 p.m. EDT
Travel delays and cancellations stemming from the Icelandic volcano are expected to cause significant losses for travel insurers, but an exact estimate is not possible yet at this early stage, a travel insurance association president said.
Jim Grace, president of the U.S. Travel Insurance Association (UStiA) said, "This is a major event, for sure," but he refused to endorse a report that industry losses could exceed $10 million, it is "really too early to tell," he explained.
The last major event, he said, was 9/11, but while that event, as it related to travel insurers, lasted two to three days, the timeframe for the volcanic ash cloud is longer.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
