Insurers could lose billions if coronavirus prompts Olympics cancellation

Passengers wearing protective face masks, following an outbreak of the coronavirus, walk under a campaign banner for Tokyo 2020 Olympic Games at New Chitose Airport in Chitose, Hokkaido, northern Japan February 27, 2020.

Prime Minister Shinzo Abe's government has ordered numerous sporting events cancelled as it tries to contain the epidemic but has pledged the Olympics, in which Japan has invested some $12 billion, will go ahead as planned from July 24. "If they have to cancel 2-3 weeks before the event start-date, they have spent everything they have to spend. If you have three months to go before the event start-date, they have an opportunity to save some event costs," Thomas said.The IOC takes out around $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city.

Munich Re board member Torsten Jeworrek said on Friday it was a provider of cancellation insurance for Tokyo, for an amount in the hundreds of millions of euros.

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