Category Archives: Crisis Management

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Airlines Lose Millions, Taxi Drivers Make Thousands

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The numerous airlines that have been grounded since a volcano under an Icelandic glacier erupted Wednesday are not covered by insurance.

Typical airline insurance policies would cover damage to planes if they flew through a volcanic ash cloud, but so far no plane has been damaged because of the ban on flights in the vicinity of the cloud, insurance companies and experts said. And airlines don’t have insurance for grounding planes due to natural events because policies would be very expensive, they said.

Thousands of flights have been cancelled into and out of Europe and hundreds of thousands of passengers have been stranded at airports throughout the world since Wednesday. Though those passengers may have trip insurance, the airlines cannot file a claim for this major business interruption (their business interruption insurance, if they have it, only covers the grounding of planes due to physical damage to the aircraft).

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The airlines are facing huge losses in revenue at a time when the industry is still struggling with reduced demand.

The Air Transport Association, or IATA, which represents some 230 airlines and 93% of scheduled international global air traffic said that at current levels of disruption, its initial and conservative estimate of the financial impact on airlines is in excess of 0 million per day in lost revenues.

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However, it said airlines would be hurt further as it they will incur added costs for re-routing of aircraft, care for stranded passengers and aircraft at various ports.

But there is a silver lining, however thin. Scandinavian ferries are fully booked and hotel owners are charging upwards of $800 a night while taxi drivers pocket $5,000 fares. So while airlines lose millions, stranded passengers confront desperation and the European economy takes yet another hit, there are those making the best of this natural catastrophe.

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New Option for Gulf State Homeowners Insurance

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Usually when we discuss news of homeowners’ insurance in Florida and other hurricane-prone areas, it is to report how yet another insurer has pulled up stakes and decided to stop writing policies in the region. But yesterday’s announcement from Travelers that they will begin a pilot program to write policies in Certain Atlantic and Gulf states bucks that trend. The news came as part of an initiative to raise awareness of catastrophe preparedness that was started by The Travelers Institute, a kind of think tank group created by Travelers to further the discussion of public policy topics of particular importance to the insurance community. 

The pilot program brings Travelers into the homeowners’ insurance market in these high-risk areas, but with an important condition — the company will be writing policies for those homes that meet specific natural disaster resistant building standards. As an added incentive, qualifying homes will be eligible for a 35% hurricane premium credit.

Eric Nelson, Travelers’ vice president of personal insurance, explained that the company wants to educate consumers about the value of these standards, which include recommendations for reinforced concrete framing, wind-resistant roofs and impact-resistant glass, so that they ask for these features when building or retrofitting a home.

“Homes built to meet these stringent standards are better able to withstand severe weather, reducing property losses and saving lives, and we want to promote and raise awareness of these smarter building practices,” said Nelson. “Building stronger homes is a key principle of the Travelers Coastal Hurricane Wind Zone Plan, our proposal to improve the availability and affordability of catastrophic wind coverage in communities along the Gulf and Atlantic coasts. We hope this initiative and meaningful premium credit will encourage homeowners, builders and building officials to adopt these disaster resistant standards.”

For homeowners in high-risk areas, Travelers’ program seem like a reasonable alternative to state-run pools and exorbitantly high premiums. Of course, it will take some effort (and money) to meet these fortification standards but in the end it is about managing the risk proactively, which can’t be all bad. And with so many insurers choosing to leave these states, perhaps programs like this will give insurers the incentive to come back and hopefully bring lower insurance premiums with them.

Feeling Sick

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Well, it’s finally happened.

Last week, the A(H1N1) virus (which is still being referred to as “swine flu” by a number of media outlets, including the BBC) became a formal pandemic.

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The World Health Organization made the announcement in an emergency meeting after cases of A(H1N1) rose sharply in Australia last week.

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At present, A(H1N1) is present in 74 countries, and there are nearly 28,000 confirmed cases of infection. The overall impact of the disease, however, has been fairly manageable, causing mild to moderate illness in the vast majority of cases. Concerns over the disease have caused school shutdowns in many countries, including the United States, and it all but put Mexico City under total lockdown back in April when the disease first gained global media coverage.

As this article by the BBC suggests, there has been some dissonance between the general public concern over a possible A(H1N1) pandemic and the effects the pandemic has actually delivered.

Long story short: the pandemic warning system was really meant to alert the public to a genuinely dangerous outbreak along the lines of avian flu, that could cause widespread death and hospitalization. Thankfully, A(H1N1) has not done that, but as this blog reported earlier, it has caused a fair bit if collateral damage among the pork industry because of its unfortunate (and inaccurate) “swine flu” moniker.

Ultimately, the true weight of the pandemic should be kept in perspective.

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Though the disease has killed and spread globally, its effects still pale in comparison to any number of more serious disease outbreaks throughout the world, such as cholera in Zimbabwe (the result of that country’s government utter failure to manage anything), dengue fever in Argentina (which is taking its toll politically on President Cirstina Kirchner) and the ever-present risk of malaria, which in 2006 alone sickened nearly 250 million people and killed some 881,000.

After A(H1N1) runs its course, the media (and this blog as well) will undoubtedly get rapped on the knuckles for overblown coverage of a modest disease. “Pandemic” is a measure of a disease’s breadth of exposure, not its severity of illness. And while the A(H1N1) story has proven to be not nearly as serious as early reports warned, better that we go on alert wrongly than pretend a risk does not exist.

What’s in a Name?

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As we begin the week, the influenza outbreak continues to gather steam. According to the World Health Organization (WHO), 20 countries have officially reported close to 1,000 cases of A (H1N1) influenza infection.

Of these a little more than half are in Mexico, where 25 people have died from the disease. According to the BBC, more than 200 cases have been confirmed among 30 U.S. states, with more expected in the coming days. The disease remains at a level 5 WHO alert, one step below pandemic status.

With news like this, it’s easy to over-react. But it pays to keep some things – like the disease’s relatively low death rate thus far – in perspective.

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After all, this disease has also caused a fair amount of collateral damage. While the WHO does not encourage full-bore border closings or national travel restrictions as a reaction to the outbreak, it does suggest that people who are already ill should delay international travel.

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Likewise, groups such as RIMS have suggested restricting nonessential travel, and numerous airlines have reduced flights and have gone to using smaller planes.

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Mexico has been particularly hard hit by all of this, as would be any nation that relies on tourism income to any appreciable degree. Toronto certainly learned that the hard way during its experience with SARS.

Perhaps the most dramatic, and most unnecessary, reaction to the outbreak thus far has been the nationwide swine cull in Egypt, which illustrated just how hard the pork industry has been hit by this, and by extension, the secondary businesses (e.g., restaurants, grocery stores) it deals with.  Last week, the WHO advised against referring to the outbreak any further as “swine flu,” since it raised inaccurate notions over the safety of pork products. The European Union has done likewise.

This blog will also do the same, referring to the disease henceforth by its proper name, influenza A (H1N1). This denotes that the current influenza outbreak is a type-A H1N1 virus. To prevent further confusion, this blog has also edited past posts to change the name of the disease where necessary.