American International Group Inc. has finalized a package to provide $1 billion of coverage per airline for war risk and hijacking liability.
Airlines and insurers have been stunned by the Sept. 11 attacks on the United States, which killed thousands and will cost billions of dollars.
The federal government has offered $15 billion in federal aid to bail out airlines after all flights were grounded for two days after the attacks.
Many airlines have reported that many people are still hesitant to fly, as security concerns abound after hijacked airliners crashed into the World Trade Center and the Pentagon last month, along with a fourth plane going down in Pennsylvania as a result of a hijacking.
According to AIG Chairman Maurice Greenberg, airlines around the world play a critical role in facilitating world trade and helping nations participate in the global economy.
Was this article valuable?
Here are more articles you may enjoy.
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Preparing for an AI Native Future 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
