Bundesjustizministerium beauftragt Deutsche Reisesicherungsfonds GmbH (DRSF)

DRSF is an industry solution supported by a broad range of associations 

Berlin, August 31, 2021 – The new Travel Protection Fund, designed to provide even better protection for package tour customers in the event of a tour operator’s insolvency, is set to launch on November 1. The Federal Ministry of Justice and Consumer Protection (BMJV) has now decided that the consortium led by the German Travel Association (DRV) with the Alliance of Independent Travel Agencies (asr), the forum anders reisen – Association for Sustainable Tourism (FAR), the International Coach Tourism Association (RDA) and the Association of Online Travel Agencies (VIR) is to take on this challenging task. To this end, the associations established the German Travel Security Fund (DRSF) in May. The shares are distributed as follows: asr 2 percent, DRV 78 percent, FAR 5 percent, RDA 10 percent, and VIR 5 percent. The group of shareholders is open to additional associations representing providers of package tours and related travel services. The sole objective of the fund is to comprehensively ensure the protection of travelers in the event of insolvency. 

 “We are aware of our responsibility to the industry. In the midst of the COVID-19 pandemic, providing better protection for travelers poses an economic challenge for the vast majority of travel companies. The merger of the associations aims to provide the best possible protection, as required by law, at the lowest possible administrative cost. Consumer protection is at the heart of this effort. DRSF GmbH, established for this purpose, is clearly committed to this obligation and operates under the supervision of the BMJV. The time between the granting of the license and the fund’s planned launch on November 1 is extremely tight. “All parties involved will therefore work with the utmost dedication to establish the fund and providetour operatorsas quickly as possible with the information necessary for coverage under the fund,” the shareholders stated. 

Thomas Schreiber and Dr. Andreas Gent have been appointed as managing directors of the DRSF. Schreiber has many years of experience in senior positions in asset and fund management. Gent comes from the insurance industry: he served on the executive board of the HanseMerkur Insurance Group starting in 2001 and is currently chairman of the supervisory board of HanseMerkur Krankenversicherung AG. 

By October 2027, the fund—financed by tour operators—is expected to reach a target capital of 750 million euros. In the initial phase, the federal government will provide a guarantee for this purpose. For all tour operators with annual revenue of ten million euros or more, the fund is mandatory for safeguarding customer funds and is responsible for any necessary repatriation in the event of insolvency. The BMJV has been designated as the supervisory authority. In addition, an advisory board will be appointed shortly to support and advise the management. The members are to represent, among other things, the interests of consumers, the federal and state governments, and the travel industry. A total of up to eleven members are to be appointed.