LONDON: Lost revenues from a record number of rain-hit cricket World Cup games in England and Wales may result in insurance claims of a few million pounds for each abandoned fixture, insurance sources say.
Lloyd's of London insurer Beazley estimated, for example, that the football World Cup in Russia in 2018 was insured for more than US$10 billion , including cover for property damage and cyber breaches, as well as cancellation.Advertisement Broadcasters buy contingency insurance, as"in the event of no play, they are not able to charge" the advertisers, he said.The fixtures, several of which were sold out, also attracted ticket sales of at least a few hundred thousand pounds each, with larger games likely attracting sales of more than a million pounds, based on Reuters estimates.
Star India likely took out contingency insurance from Indian insurers, but reinsurance may have been provided by the specialist Lloyd's of London market, insurers said.The ECB will likely also have bought insurance from the Lloyd's market, along with county teams whose grounds were booked for the rained-off matches, industry sources said.
Source: News Formal (newsformal.com)
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