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Tokyo Olympic Games: risk of cancellation

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Magazine Issue: 
2021, a transitional year for insurers [3]
Magazine date: 
Feb 2021

Olympic GamesInsurers and reinsurers could face a loss of up to 2 to 3 billion USD if the Tokyo Olympic Games scheduled for 23 July 2021 are cancelled. The event's cancellation would result in the largest loss ever recorded on such policies.

The reinsurance giants Munich Re [4] and Swiss Re could be exposed to claims of up to 500 million USD and 250 million USD respectively.

It should be recalled that the Olympic Games were initially scheduled from 24 July to 9 August 2020. They have been postponed to 23 July 2021.

The International Olympic Committee (IOC) had underwritten an event cancellation policy for an amount of 800 million USD.

Read also | Tokyo Olympic Games officially postponed [5]

Tue, 02/02/2021 - 15:43

Source URL: https://www.atlas-mag.net/en/article/tokyo-olympic-games-risk-of-cancellation

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[3] https://www.atlas-mag.net/en/issue/2021-a-transition-year-for-insurers
[4] https://www.atlas-mag.net/en/article/munich-re-2020-s-results
[5] https://www.atlas-mag.net/en/article/tokyo-olympic-games-officially-postponed