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Israel to provide $6 billion war insurance cover for Israeli airlines

Israel to provide  billion war insurance cover for Israeli airlines
© Reuters. FILE PHOTO: El Al Israel Airlines planes are seen on the tarmac at Ben Gurion International airport in Lod, near Tel Aviv, Israel March 10, 2020. REUTERS/Ronen Zvulun/File Photo

 

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JERUSALEM (Reuters) -Israel’s parliamentary finance committee approved a plan to provide a state guarantee of $6 billion to cover insurance against war risks to Israeli airlines, the Finance Ministry said on Thursday.

The guarantee framework will grant Israeli airlines insurance policies against war risks, thereby ensuring the continuity of air operations in Israel.

Due to the outbreak of war between Israel and the Palestinian militant group Hamas last weekend, the insurance companies insuring flag carrier El Al Airlines, Israir and Arkia have said that the terms of their policies indicated that in time of war, within seven days of notification, the insurers are entitled to cancel insurance policies.

As a result, the Finance Ministry sought state guarantees that needed to be approved by lawmakers.

While many global airlines have cancelled flights to Tel Aviv, Israel’s three carriers are still flying, even adding flights to bring back Israelis who are stranded – many of whom are returning as reserves in the military.

Source: Investing.com

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