The financing for the German Travel Insurance Fund is in place. A banking consortium made up of UniCredit, DZ BANK and Deutsche Bank is granting the fund a loan of EUR 750 million for the transition phase up to 2027. By then, the fund itself should have built up the same amount of capital in order to fulfill its statutory mandate.
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Frank Laudenklos
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The fund is intended to secure payments from customers in the event that their tour operator slips into bankruptcy. The starting point for setting up the fund is the experience of the Thomas Cook insolvency. It had shown that the liability limit for protecting customer funds that was valid at the time was too low.
As a result, the DRV Deutscher ReiseVerband, among others, developed the legally anchored concept of a fund solution together with the leading Federal Ministry of Justice.
Since November 1, 2021, travel providers with a turnover of more than 10 million euros have been obliged to conclude a security agreement with the German Travel Security Fund (DRSF) in the event of insolvency. Until now, travel providers have been protected by insurance companies and credit institutions.
