Press Release: Loyola de Palacio raises new possibilities for aviation insurance

Loyola de Palacio, vice-president of the European Commission in charge of Energy and Transport called on 3 February 2002 for a radical change in the appreciation of risk in the aviation industry by improving the international co-operation between administrations, regulators and industry following the events of 11 September 2001 which introduced a new dimension of risks, putting the emphasis on terrorism as a major and global threat. According to Loyola de Palacio, the European Union should reflect on different hypothesis to guarantee the risks which are not covered anymore or were not covered previously by the market.

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