UK considering airline insurance reforms in wake of Monarch collapse [VIDEO]
By
David
26 October 2017 (Edited )
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Financial Times
By
David
26 October 2017 (Edited )
Share This Article
Financial Times
David H. Boggs
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At 2320 UTC on 1 October 2017, Monarch Airlines posted this on Twitter:
"Monarch customers in the UK: don’t go to the airport. There will be no more Monarch flights. This page will no longer be monitored."
Fade to black...
Monarch Airlines thus entered administration (bankruptcy), leaving around 110,000 British travelers stranded overseas, 750,000 confirmed flight bookings canceled and 2000 people out of work.
The UK government chartered 30+ aircraft to repatriate the stranded travelers.
Monarch blamed the failure on a combination of drop in demand to some destinations because of terror attacks, and shrinking UK outbound travel resulting from the plunging GBP since the Brexit referendum vote.
UK Transport Secretary Chris Grayling blames the Monarch failure on a price war in the Mediterranean.
Grayling plans to press the insurance industry for better coverage for travelers in cases of airline failure
But don't blame the insurance industry for some travelers not choosing to buy insurance - only for failure to offer suitable coverages, if that's the case.