China to Extend Airlines' Insurance Coverage

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Last updated at: (Beijing Time) Tuesday, November 26, 2002

China to Extend Airlines' Insurance Coverage

China has extended its war and terrorism insurance coverage for the country's commercial airline industry for a further month.

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China has extended its war and terrorism insurance coverage for the country's commercial airline industry for a further month.

The Chinese government has been meeting to discuss and extend the insurance coverage of Chinese airlines during the past year. Talks regularly take place between the government, insurers and airlines since war and terrorism coverage was capped at 50 million US dollars following 9/11.

After the terror attacks, insurance premiums charged to airlines increased. To help the airline industry survive the period, the Chinese government agreed to cover any additional risk. This provides an extra "security blanket" for the industry.

The U.S. and European governments have provided similar support for their airline industries. Sources say the current deal will expire on December 24.

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