Insurance companies charge Rs. 45 crore

Mumbai: Fifth and final T20 The cricket match between India and South Africa, which was canceled due to rain, is likely to have claims of Rs 40-45 crore. In a sign of maturity Event insurance Businesses in India, companies are still Rs. Ready to cover events up to Rs 150 crore, even though many global underwriters are retiring.
“The international event insurance market has been hit hard by the epidemic. There were no sporting events like that Olympics Or Wimbledon, There were thousands of events around the world that were canceled. The number of underwriters in the London market has dropped by 50%, “he said Arjun SharmaAt Practice Leader (Sports, Events and Entertainment) Gallagher Insurance Brokers.
According to Sharma, while the Indian market has withdrawn some private companies following the claims, other companies have stepped in to provide capacity. “There have been no major cancellations in India, the last match was an ODI between India and South Africa in March 2020 – which was canceled due to rain,” Sharma said.
The biggest uncertainty so far has been the weather, but the epidemic has added a new dimension. Unfortunately, epidemic risks have been completely ruled out, not just for Kovid but for any future epidemics. No cancellations due to lockdown. However, there are ongoing discussions with international underwriters on covering future epidemics.
The cancellation of Sunday’s match would have resulted in multiple claims. This includes broadcasters Star India For the loss of advertising revenue for advertising slots that it can not run. Insurance companies estimate that claims are worth about Rs. 30 crore. Includes claims from sponsors Paytm, MPL, ACC Cements And Dream 11 To lose visibility against an over that was not played. BCCI And Karnataka State Cricket Asso He also had a stake in this because he was the event organizer. However, the State Association is understood to have taken the ‘One Ball Bold’ cover, which means that the insurer’s liability expires at the moment of throwing a ball.
Led by public sector insurance companies New India Assurance And National insurance Some were found to be cover providers. Star India, which has the majority stake, has paid for the broadcasting rights, having earlier taken out a multi-event policy for which the premium is Rs. 35 crore is believed to be in the area. Sunday’s match was the last series under the policy.
When Indian insurers wish to underwrite events, the venue is subject to finalization. This means that most matches can be covered only a few months before the event. “When match schedules and venues are available, insurance companies are willing to provide close coverage of the event. On the other hand, if adverse weather is forecast, prices or exclusions may be higher, ”Sharma said.


Source link

Leave a Comment