Ann: HLO 2023 Annual General Meeting, page-55

I think we may see some downward pressure as the conflict increases

The warnings came as airlines such as Lufthansa, SWISS and Saudia cancelled their flights. On October 20, Lebanese flag carrier Middle East Airlines announced it was reducing its flights “due to the ongoing circumstances in the region and the reduced insurance coverage for aviation risks in times of war”.

The decision, criticised by the government, has led to a drop of 80 percent in the Lebanese airline’s flights. At the Beirut airport – the only one in the country – there are now few planes on the tarmac, no queues, and hardly any passengers.