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.

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