20 million USD to ensure the Rio 2016 Olympic Games
The organization of the Rio 2016 Olympic Games would cost about 10 billion USD to the International Olympic Committee (IOC).
In an interview given to the electronic version of the Argus de l'assurance magazine on August 5, 2016, Patrick Vajda, former advisor to the IOC ensured that covering this event represented about 0.2% of the total bill, that is 20 million USD.
The insurance cost dropped significantly over the past two decades. This premium economy was achieved through the development of a detailed risk map which has allowed insurers to better understand this sporting event.
Coverage of the Olympic Games has three main types of policies:
- A third party liability policy: coverage for personal injury and damage caused to third parties (spectators, ...)
- A cancellation guarantee: ticket cancellation, event cancellation ...
- A policy dedicated to protecting athletes: medical expenses, personal accident, ...
The policies underwritten by the IOC do not exempt the various national Olympic committees to take out their own insurance policies to cover their athletes and escorts. Therefore, guarantees accumulations are possible.
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