Income Insurance to fully reimburse policyholders with Jetstar Asia bookings after July 31
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Income Insurance has announced it will fully reimburse affected policyholders who made flight bookings after July 31 following Jetstar Asia's closure announcement, despite the event not being listed under its insured perils, Singapore Business Review reported.
This includes hotel stays, theme park tickets, and transport costs, as long as they can show non-refundable proof.
On June 11, Qantas announced that its Singapore-based budget airline will cease operations on July 31, affecting more than 500 employees.
Singapore Business Review reported that the company closure is part of its move to shift $500 million in capital towards upgrading its fleet and focusing on core operations in Australia and New Zealand.
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Jetstar Asia's 13 Airbus A320 aircraft will be redeployed to Australia and New Zealand to support local operations, which will create over 100 new jobs there.
While 16 intra-Asia routes will end, Jetstar Airways and Jetstar Japan operations will continue.
For this financial year, Jetstar Asia is expected to report an EBIT loss of $35 million. /TISG
Read also: Changi Airport too costly for a budget airline like Jetstar? The prospects and pitfalls for low-cost carriers
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