Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Germany to repay customers of insolvent Thomas Cook as insurance insufficient: report

Published 12/11/2019, 01:59 AM
Updated 12/11/2019, 02:01 AM
Germany to repay customers of insolvent Thomas Cook as insurance insufficient: report

FRANKFURT (Reuters) - Germany is planning to repay customers of insolvent Thomas Cook as the tour operator's insurance cover is proving insufficient, broadcaster ARD reported, citing government sources.

Insurer Zurich's (S:ZURN) liability is capped at 110 million euros, but it has already registered claims worth 250 million and experts estimate total claims to reach 300 million to 500 million, ARD said.

A legal opinion commissioned by Zurich concluded that state liability is conceivable because the German federal government inadequately implemented a 2015 EU directive meant to ensure that customers get their money back in case of the insolvency of a tour operator, the report said.

Zurich and the German economy ministry were not immediately available for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.