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Lufthansa not insured against volcano impact

DDP/The Local · 16 Apr 2010, 12:33

Published: 16 Apr 2010 12:33 GMT+02:00

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There is no insurance for losses due to this specific kind of natural disaster, spokesperson for the German flagship carrier Claudia Lange told the Dow Jones news agency.

Meanwhile it remains unclear just how high the losses from flight cancellations will be, Lange added.


Lufthansa usually operates 1,900 flights around the world each day. But since Thursday many northern European airports have shut down their air space out of safety concerns as ash from an Icelandic volcano spreads across the continent's skies.

Story continues below…

As of Friday morning, closed airports in Germany included Berlin, Frankfurt, Cologne, Düsseldorf, Hamburg, Bremen, Hannover, and other smaller airstrips. Frankfurt is the airline’s main hub.

Meanwhile Lufthansa shares dropped by 1.5 percent to €13.07 in morning trading – making it the biggest loser on Germany’s blue-chip stock market index, the DAX.

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DDP/The Local (news@thelocal.de)

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Your comments about this article

14:08 April 16, 2010 by chimpansi
no worries jmjdk.. cost of lawyers are covered in rechtversicherung... so no probs..
15:02 April 16, 2010 by darwiniandemon
That episode of Family Guy where the salesman tries to sell volcano insurance to Peter isn't so funny anymore.
16:38 April 16, 2010 by Frenemy
haha!! (yes it it)
17:27 April 16, 2010 by Prufrock2010
In the U.S. the insurance companies refused to pay off their policy holders after Katrina and got away with it. Imagine trying to collect on volcano insurance!

Force majeur, baby. The ultimate catch-all out clause for insurance carriers.
21:27 April 16, 2010 by dbert4
I'm sure that Goldman Sachs would sell them "volcano default swaps". But only if they could cause earthquakes.
22:08 April 16, 2010 by Bensonradar
Lufthansa's problems with a pilot's strike and now this? When does the cashflow dry up, and the banks call in the loans?
00:50 April 18, 2010 by wmm208
Serves the EU right trying to make Iceland join the broken European Union.
13:30 April 18, 2010 by Prufrock2010
Glenn Beck says it's God's revenge for socialism.
23:54 April 18, 2010 by wmm208
Perhaps the EU can blame this one also on the "evil speculators" and Goldman Sachs.
00:02 April 19, 2010 by Prufrock2010
Goldman Sachs will find a way to make a profit from it, I assure you.
19:48 April 19, 2010 by wmm208
Actually, you are correct. They have an excellent disaster insurance program which is derivative based. I am sure they knew about the volcano's story months ago. The Culture of Success!
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