LONDON: The local Tokyo Olympics organising committee is unlikely to get much of an insurance pay-out due to lost ticket sales from a ban on spectators, after using up much of its event cancellation policy on postponement costs last year, insurance sources say.
Ratings agency Fitch estimate the total insured cost of the Olympics at around US$2.5 billion. Analysts at Jefferies last year calculated the total insured costs of the Games at US$2 billion, including TV rights and sponsorship, plus a further US$600 million for hospitality. But after the Games were postponed last year, much of the local organisers' policy limit may have already been used up in a claim for costs such as the rebooking of hotels and sports venues, leaving little room for a pay-out now.
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