Karachi—Contracts Bonding Ltd (CBL) New Zealand, will provide re-insurance protection to airlines operating in Pakistan against defaults by local travel agents. This was stated by the chief executive officer of CBL, Peter Harris while speaking at a dinner hosted by the vice chairman Travel Agents Association of Pakistan (TAAP) at a local hotel on Tuesday night.
He said that his company was providing a similar re-insurance cover in 20 countries for the last 40 years. This is for the first time that our company is providing services to Pakistani travel industry, he added. Appreciating Pakistani banking system, Harris said that it was strong enough to face any crisis. He said that his impression about the security conditions in Pakistan has been changed after coming here.
Vice chairman TAAP Yahya Polani said that the association has signed an agreement with PICIC Insurance for securing one year guarantee for the protection of airline industry. The Contracts Bonding Ltd NZ will provide a re-insurance facility to 363 IATA members. Polani pointed out that the default percentage of travel agents in Pakistan is the lowest in the world at 0.03 percent, compared to very high percentage in other countries.—
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