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EU May Follow US By Extending War Risk Insurance Coverage

The EU will make a decision on the 26th March on whether they will extend cover...

The European governments may follow the US in extending war risk insurance coverage for airlines to help pay for increased fees following the September 11th attacks on New York and Washington.
Governments stepped in after the commercial insurers limited war risk coverage and increased premiums. That emergency coverage was to expire March 20th in the US and March 31st in the European Union. The US has granted a sixty-day extension to give airlines more time to create a company to insure themselves.
The EU finance ministers will ask transport ministers to decide on March 26th whether to extend insurance to carriers including KLM Royal Dutch Airlines, British Airways and Air France. Even so, they do not favor long term government support, said German Finance Minister Hans Eichel.
?We are energetically committed to returning that to the market, where it belongs,? Eichel told journalists at the EU summit. Finance ministers will assess the need for aid next week and make a recommendation to transport ministers, Eichel said.