Deutscher Reisesicherungsfonds

The Deutscher Reisesicherungsfonds (DRSF) is Germany's central institution for travel price security (Reisepreissicherung). It is organised as a private-law limited liability company (GmbH) headquartered in Berlin and was founded in 2021 to implement the requirements of the EU Package Travel Directive. It operates under the supervision of the Federal Ministry of Justice and Consumer Protection (BMJV). Its purpose is to ensure that package travellers receive back payments already made if their tour operator becomes insolvent, and to enable travellers already at their holiday destination at the time of insolvency to continue their trip or to organise and finance a safe return journey. Before the DRSF existed, German tour operators had to arrange insolvency protection privately through insurers or bank guarantees. That system was legally capped at a liability sum of 110 million euros per insurer and financial year, which conflicted with European legal requirements. The European Court of Justice had already ruled in 1999 under the Package Travel Directive 90/314/EEC that travellers must be fully protected, and this requirement was reaffirmed in the successor Directive (EU) 2015/2302. The weaknesses of the old system became evident in September 2019 with the insolvency of the German subsidiaries of the Thomas Cook Group: the 110 million euro liability sum was insufficient to settle all claims of affected travellers, and the Federal Republic of Germany subsequently covered the remaining shortfall. The COVID-19 pandemic from early 2020 brought the travel industry to a near standstill. In this situation private insurers increasingly withdrew from the travel price security business or sharply raised premiums. In response to the Thomas Cook insolvency and these market developments, the German Bundestag passed the Travel Security Fund Act (Reisesicherungsfondsgesetz, RSG), which entered into force on 1 July 2021. The Act re-regulated insolvency protection in § 651r of the German Civil Code (BGB) and abolished the previous 110 million euro liability limit. Already during the legislative process the Deutsche Reisesicherungsfonds GmbH was founded. On 31 August 2021 the company received permission from the Federal Ministry of Justice to commence business activity, and operations started on 1 November 2021. The DRSF's activity is based on the EU Package Travel Directive (EU) 2015/2302, which obliges member states to establish effective insolvency protection systems. In Germany this is implemented through the RSG and § 651r BGB. The RSG requires the fund to hold a target capital sufficient to fully cover travellers' claims even if the largest and a medium-sized German tour operator became insolvent simultaneously. Tour operators with annual turnover of 10 million euros or more in package travel subject to protection are legally obliged to obtain protection through the DRSF. Operators with lower turnover may alternatively arrange protection through a private insurer. In May 2025, 195 tour operators were protected through the DRSF, of which 159 were legally obliged to do so because their package travel turnover exceeded 10 million euros. The DRSF's main task is to protect package travellers in the event of an operator's insolvency. Its statutory core services include refunding advance payments (deposits and final payments) if the trip cannot be taken due to insolvency; ensuring continuation of the trip for travellers already at the holiday destination at the time of the insolvency filing, where possible and covered by the DRSF; and repatriation of travellers from the holiday destination if continuation is not possible. As proof of the legally required insolvency protection, the tour operator must send travellers a Reisesicherungsschein (travel security certificate), usually together with the booking confirmation. For operators covered by the fund solution, this certificate is issued by the DRSF.

Before the DRSF was founded, tour operators in Germany had to organise their insolvency protection privately through insurers or bank guarantees. This system was legally capped at a liability sum of 110 million euros per insurer and financial year. This cap conflicted with European legal requirements. As early as 1999, the European Court of Justice (ECJ) had ruled under the Package Travel Directive 90/314/EEC that travellers must be fully protected. This requirement was reaffirmed in the successor Directive (EU) 2015/2302. The weaknesses of the old system became apparent in September 2019 with the insolvency of the German subsidiaries of the Thomas Cook Group. The liability sum of 110 million euros was not sufficient to settle all claims of affected travellers. As a result, the Federal Republic of Germany assumed coverage of the remaining difference. The COVID-19 pandemic from early 2020 led to a far-reaching standstill of the travel industry. In this situation, private insurers increasingly withdrew from the travel price security business or greatly increased premiums. In response to the Thomas Cook insolvency and these market developments, the German Bundestag passed the Travel Security Fund Act (Reisesicherungsfondsgesetz, RSG), which entered into force on 1 July 2021. This law re-regulated insolvency protection in § 651r of the German Civil Code (BGB) and abolished the previous liability limit of 110 million euros. Already during the legislative process, Deutsche Reisesicherungsfonds GmbH was founded. On 31 August 2021, the company received permission from the Federal Ministry of Justice to commence business activity. Operative business started on 1 November 2021. The DRSF's activity is based on the EU Package Travel Directive (EU) 2015/2302. This obliges member states to establish effective systems for insolvency protection. In Germany, this is implemented through the Reisesicherungsfondsgesetz (RSG) and § 651r BGB. The RSG prescribes that the fund must have a target capital sufficient to fully cover travellers' claims even if the largest and a medium-sized tour operator in Germany become insolvent simultaneously. Tour operators with annual turnover of 10 million euros or more in package travel subject to protection are legally obliged to obtain protection through the DRSF. Operators with lower turnover are free to organise their protection alternatively through a private insurer. In May 2025, 195 tour operators were protected through the DRSF, of which 159 were legally obliged to do so because their package travel turnover exceeded 10 million euros. The main task of the DRSF is the protection of package travellers in the event of an operator's insolvency. The statutory core services include: refund of advance payments (deposits and final payments) if the trip cannot be taken as a result of the insolvency; ensuring continuation of the trip for travellers who are already in the holiday area at the time of the insolvency filing, if this is possible and covered by the DRSF; and repatriation of travellers from the holiday area if continuation of the trip is not possible. As proof of the legally prescribed insolvency protection of the tour operator, the Reisesicherungsschein (travel security certificate) serves. Tour operators are obliged to send this document to travellers, usually together with the booking confirmation. This security certificate is issued by the DRSF for operators that are subject to the fund solution. It documents the traveller's direct claim against the DRSF in the event of insolvency and is the legal basis for asserting refund or repatriation claims. In addition to package travel under § 651a BGB, the DRSF also protects, under certain conditions, connected travel services under § 651w BGB. A connected travel service exists when an entrepreneur, during a single visit to his sales outlet (for example an online portal or travel agency), arranges the separate selection and payment of at least two different travel services (for example flight and hotel) for the same trip. It also arises when an entrepreneur, after the conclusion of a contract for one travel service, specifically arranges another contract for a different travel service, provided this is concluded within 24 hours. The obligation to obtain protection through the DRSF applies to the arranger of such connected travel services. Unlike package travel, the protection primarily covers amounts paid by the traveller to the arranger. These can be amounts that, as a result of the arranger's insolvency, have not yet been passed on to the respective service providers.

• 2025

  In May, 195 tour operators are protected through the DRSF, of which 159 are legally obliged.

• 2021

  Reisesicherungsfondsgesetz (RSG) enters into force on 1 July; Deutsche Reisesicherungsfonds GmbH founded; permission to commence business on 31 August; operations start on 1 November.

• 2019

  Insolvency of Thomas Cook Group's German subsidiaries exposes inadequacy of 110 million euro liability cap.

• 2015

  EU Package Travel Directive (EU) 2015/2302 reaffirms full protection requirement.

• 1999

  European Court of Justice rules under Package Travel Directive 90/314/EEC that travellers must be fully protected.

Germany's statutory central travel insolvency protection fund, mandatory for large tour operators.

• Insolvency protection for package travel

  Statutory protection for travellers who booked package travel with a covered tour operator.

• Reisesicherungsschein (travel security certificate)

  Document issued by the DRSF as proof of insolvency protection, usually sent with booking confirmation.

• Protection for connected travel services

  Coverage under § 651w BGB for certain combinations of travel services arranged by an operator.

1. 1Deutscher Reisesicherungsfonds – Wikipedia (German)de.wikipedia.org
2. 2Deutscher Reisesicherungsfonds – Wikidatawikidata.org
3. 3Official websitedrsf.reise