Soccer fans are eagerly anticipating the 2018 World Cup to commence in Russia on June 14. The monthlong competition presents significant risks ranging from kidnapping, to cyberattack, to event cancellation, and without insurance it’s unlikely an event such as this could take place.
The London insurer Beazley, estimates that construction related risks are insured for $2.5 billion, event cancellation, including loss of TV rights and sponsorship, for $1.6 billion and terrorism and acts of violence for $1.3 billion. Star players are insured for injury for up to $200 million each.
“Without insurance there would be no World Cup, no Olympics or little organized competitive sport”,
said Michael Furtschegger, head of entertainment international at insurer Allianz Global Corporate & Specialty.