Tourism associations are lobbying Misr Insurance to help cover new IATA letters of guarantee regulations

The tourism industry is lobbying state-owned Misr Insurance to cover the letters of guarantee tourism companies are required to submit to the International Air Transport Association (IATA), Federation of Tourism Chambers head Reem Fawzy tells the local press. The IATA issued new requirements last month for tourism companies to submit bank guarantees worth EGP 200k as insurance against the non-payment or cancellation of airline tickets instead of the previously accepted proof of insurance. Companies have been unable to fulfill new agreements due to a liquidity crunch in the industry that has struggled to get back on its feet since the outbreak of the pandemic.