Olympics postponement creates insurance hurdle
Reprints
Next event in the pandemic’s is-this-covered insurance Olympics: the Olympics itself.
Specifically, whether the $650 million it is going to potentially cost to postpone the 2020 Summer Olympics to 2021 will be covered by the event’s insurance policy. The games were slated to take place in Japan this summer but were postponed due to COVID-19.
As reported by The Associated Press on Thursday, the International Olympic Committee is “in talks with insurers.”
The aim is "to try and find the right level of compensation to help us bear the cost of having to wait another year," IOC's Olympic Games Operations Director Pierre Ducrey told reporters.
While canceling the games is covered by the event policy, it has been “unclear” if its policy covers the one-year postponement forced by the coronavirus pandemic, according to the AP.
More insurance and risk management news on the coronavirus crisis here.
