BUSINESS NEWS


Abta’s Mark Tanzer says: ‘Members will be able to find the bonds required. It won’t be easy, but I don’t see why we won’t have the success we had with the September renewals’


Abta positive ahead of ‘challenging’ renewals


Chief executive says bond providers will see market ‘turning corner’. By Ian Taylor


Abta’s March bond renewals could prove challenging amid the current financial pressures on members, but the numbers pursuing alternative trust arrangements so far are limited. Chief executive Mark Tanzer


said: “A small number of members have expressed interest. None has yet materialised, but the door is open if the right criteria are met.” Members can use trust


arrangements to meet financial protection requirements for the first time from April. Abta has made clear it won’t stand as guarantor behind these. Tanzer explained: “We’ll make


48 10 FEBRUARY 2022


sure the terms and conditions say this is how they comply with the Package Travel Regulations and that is upfront and clear in the booking conditions. “We already have that with


companies providing financial protection through financial failure insurance. It should be possible to make it unambiguous for customers.” There are also no agreements in


place with trust providers yet. But Tanzer said: “Those discussions are happening.” Most members due to renew in


March will be looking to bonds or insurance. Speaking on a Travel Weekly


webcast, Tanzer conceded: “The September renewal was tough.” Yet he noted: “There were


predictions there would be a meltdown or ‘Armageddon’ but it didn’t happen. Members came through. “This next round will also be


challenging because trading hasn’t come back yet and balance sheets aren’t great. But the financial markets see we may have turned the corner and that should give more confidence. Members will be able to find the


Continued on page 46 travelweekly.co.uk


BUSINESSNEWS


PICTURE: Shutterstock/Jakub Krechowicz


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52