Fewer operator failures and stronger bookings have boosted the Air Travel Trust (ATT) fund, which now stands at nearly £200 million.
The ATT pot increased to £185m at the end of the financial year to 31 March 2024, up from £116m the previous year. As of the end of June 2024, the fund had grown to £199m.
It’s the healthiest the ATT has been since before the Thomas Cook failure in September 2019, although the fund has no insurance policy against the collapse of a major ATOL company as it did before the pandemic.
The £2.50 per passenger ATOL Protection Contribution raised £75.4 million from 30.1m passengers, compared to £65.8m from 26.6m passengers in 2023. The amount generated from interest increased from £1m to almost £7m.
There were six ATOL failures in the last financial year, costing £4m. This compares to eight failures in the previous year. The biggest failure, Luxtripper, resulted in 75 passengers being repatriated after it ceased trading in October 2023.
The ATT said: “As of March 2024, ATOL-protected bookings were healthy. Forward booked passenger volumes were up 12% compared to 2019 and 11% compared to 2023.
“Following the significant increase in failures throughout the pandemic, the number and expected cost of ATOL holder failures continued to reduce this year.”
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The ATT pot increased to £185m at the end of the financial year to 31 March 2024, up from £116m the previous year. As of the end of June 2024, the fund had grown to £199m.
It’s the healthiest the ATT has been since before the Thomas Cook failure in September 2019, although the fund has no insurance policy against the collapse of a major ATOL company as it did before the pandemic.
The £2.50 per passenger ATOL Protection Contribution raised £75.4 million from 30.1m passengers, compared to £65.8m from 26.6m passengers in 2023. The amount generated from interest increased from £1m to almost £7m.
There were six ATOL failures in the last financial year, costing £4m. This compares to eight failures in the previous year. The biggest failure, Luxtripper, resulted in 75 passengers being repatriated after it ceased trading in October 2023.
The ATT said: “As of March 2024, ATOL-protected bookings were healthy. Forward booked passenger volumes were up 12% compared to 2019 and 11% compared to 2023.
“Following the significant increase in failures throughout the pandemic, the number and expected cost of ATOL holder failures continued to reduce this year.”
The post Air Travel Trust fund boosted to nearly £200m appeared first on Travel Gossip.
Continue reading...
