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HK Gov't Vows to Help Local Airlines Meet Higher Insurance Premiums
Hong Kong government announced Monday that it will put up funds to help Cathay Pacific Airways and Dragonair meet higher insurance premiums in the wake of the terror attacks in the United State.
Financial Secretary Antony Leung said the government is going to propose the finance committee to undertake guarantees for third party indemnities arising out of war, or terrorism or other period.
Leung said government officials had been working with the airlines and other organizations including the Airport Authority to resolve these insurance issues that threatens to ground airlines from Tuesday.
Air transport was extremely important to Hong Kong, being an open economy, Leung stressed. "We depend very much on our traffic with the external world including sea and air traffic," he said.
But up to today, while there is some minor progress, there is no assurance that private insurance companies would come up with some solutions, the financial secretary added.
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