Olympics delay, not cancellation, provides reprieve for insurers [Reuters]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Reuters
Olympics delay, not cancellation, provides reprieve for insurers * Olympics likely insured for more than $2 bln-Jefferies * International organisers have $800 mln policy * Pay-outs seen smaller for postponement than cancellation * Lloyd’s, Munich Re, Swiss Re providing cover-sources By Carolyn Cohn and Noor Zainab Hussain LONDON, March 24 (Reuters) - Delaying the Olympics is likely to cost insurers much less than cancelling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics were postponed on Tuesday to 2021, the first such delay in the modern Games’ 124-year history, as the coronavirus crisis forced the delay to one of the last international sporting events still standing this year. Jefferies analysts have estimated the insured cost of the Games at $2 billion, including TV rights and sponsorship, plus $600 million for hospitality. The International Olympic Committee
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