You can also route out under the component, so the minimum creepage path is over the component body, and that dimension remains the minimum clearance, which through air will be fine.
As Hero999 said, different standards require different levels. One of the most common is harmonized IEC/UL 60950-1. See:
http://www.creepage.com/The left frame gives direction for different types of insulation requirements. For example, grounded circuits don't need reinforced isolation to them (a single failure of the insulation results in ground fault current, clearing the fuse or breaker).
The right frame calculates the insulation required, which comes from tables in the standard (interpolated as needed and when allowed).
This still shows insufficient spacing though. FYI, SMA/SMB/SMC (DO-214AA/B/C, not respectively) packages are quite old and have rather poor tolerances. Manufacturers regularly recommend footprints which do not fit* their own package drawings -- probably because they know their packages are better than the standard (JEDEC DO-xx or whatever it happens to be), but probably also because they don't care much about them either.
*Fit, based on IPC recommendations for the type of solder joints used on the package. I mean, they usually at least give a footprint that matches typical dimensions, but rarely do they give a footprint that meets or exceeds the package
worst case dimensions, plus soldering fillet and tolerances.
Tim