World events can affect us all

Posted on 23/07/2014

World events can affect us all

It always comes back to bite the consumers (that’s me and you) in the bum.

With the loss of the Malaysian flight over the South Indian Ocean, and now the crash of another Malaysian aircraft, the insurance industry is taking a severe knocking, the fact that it’s Malaysian Airlines is just a coincidence.

But that’s not all, the unrest in Libya, Iraq, and other places in the world and the subsequent damage to aircraft, is putting a tremendous strain on insurers. The situation is unsustainable. The worry is that plane insurance will rise, if that is the case it will increase the cost of flying as any extra cost will be borne by the flying public.

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