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David Fickling

Cathay Can't See the Wood for the Hedges

The Hong Kong carrier is paying too much to protect itself against fluctuations in the price of oil

What's the best way to lose money on an insurance policy? Take out an insurance policy.

That may seem a flippant way of thinking about risk, but it reflects a hard truth: If the costs of protection run consistently ahead of its likely benefits, you may be better off switching insurers.