Insured Sum of Russia World Cup $10 B
Wednesday, 06 20 2018, Category: Insurance and Reinsurance, Country: Russia
The risk of terror attacks and damage from hooligans has pushed up premiums for businesses and players buying insurance for the soccer World Cup in Russia compared to the previous event in Brazil, brokers and insurers say.
The insured value of the event is over $10 billion, they estimate. Premiums against terror attacks are around 10 percent higher than the last World Cup in 2014 or previous World Cups.
Stadium owners, ticketing agents, catering companies and players are among those insuring against risks that also include cancellation, kidnap, cyber attacks and personal injury.
Insurers were encouraged by Russia’s trouble-free Winter Olympics in 2014 in Sochi but the country is embroiled in conflicts that have increased the risk of an attack.
“The biggest concerns are terror risk, war risk, the event not happening or a match being moved from one stadium to another – this one is more likely,” said insurance broker Integro’s head of sporting events, contingency & risk management James Davies. He said that “premium…is hardening, slightly.”
Source: Insurance Journal