There has been a sharp increase in the number of passengers taking out insurance cover against the airline that they are using going bust says International Passenger Protection (IPP) who operate ProtectMyHoliday.com.
The company offers protection in the event of insolvency and has historically attracted clients using budget or not so well known carriers, but the latest trend has shown that clients are now more likely to protect themselves against established ‘legacy’ carriers such as British Airways.
The insurer has published a risk snapshot as of August 17 that shows British Airways on top with over 20% of the total sum insured against the airline, followed by Virgin Atlantic 12% and Jet2 11% of the total volume.
IPP sales and marketing manager Michael Ward says:
“At the start of the year someone booking with a legacy or blue chip airline would be unlikely to have felt the need for protection whereas now the general public’s perception is that any airline or travel supplier may fail.”
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