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Swiss Re Ltd. has an event cancellation exposure of $250 million to the Tokyo Summer Olympic Games and faces other potential liabilities in the wake of the coronavirus outbreak.
The Zurich-based reinsurer also has other “mid-three digit” millions in exposures to scheduled events and an overall market share of about 15% with relation to event management and cancellation, to specific event covers that could be claimed due to COVID-19, Group Chief Financial Officer John Dacey said during Swiss Re’s 2019 annual report conference call Thursday.
He said that while it is too early to provide indications of losses connected to business interruption, “the vast majority of property and business interruption covers have a physical damage trigger.”
Those coverages that don’t have physical damage triggers may have specific sublimits that provide for modest covers independent of physical losses, Mr. Dacey added.
He said that Swiss Re has put investment hedges in place to cope with market volatility and that April reinsurance renewals, focused on the Japanese market, were proceeding.
More insurance and risk management news on the coronavirus crisis here.
(Reuters) — Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars.