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Spectators banned from the Tokyo Olympic Games

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Magazine Issue: 
The insurance market consolidation in view of the post-Covid-19 [3]
Magazine date: 
Jul 2021

Olympic GamesThe Japanese government has decided to ban the attendance of spectators at the Tokyo Olympic Games, scheduled to start on 23 July 2021.

According to Fitch Ratings, this decision could cost the insurance market between 300 and 400 million USD for the reimbursement of plane tickets and hotel reservations. This amount will have no significant impact on the profits of reinsurance companies.

The rating agency estimates the total insurance coverage for the Olympic Games at 2.5 billion USD, including 1.4 billion USD underwritten by the International Olympic Committee (IOC) and the Tokyo Organizing Committee, 800 million USD by broadcasters and 300 million USD by other parties (sports teams, sponsors...).

Read also | Insurance of sporting events [4]

Wed, 14/07/2021 - 13:00

Source URL: https://www.atlas-mag.net/en/article/spectators-banned-from-the-tokyo-olympic-games

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[3] https://www.atlas-mag.net/en/issue/the-insurance-market-after-the-covid-19
[4] https://www.atlas-mag.net/en/article/insurance-of-sporting-events-0