Insuring the Olympics

With an event that is expected to feature almost 7,000 participants from more than 120 countries, along with thousands of members of the media and even more visitors, having insurance coverage seems like a safe bet.

The XXI Olympic Winter Games in Vancouver are said to be covered by billions of dollars in insurance to protect against a number of perils, from terrorism to cancellation.

David Bruce, head of specialty underwriting at Hiscox Syndicate 33 at Lloyds of London said that theres about $2 to $2.5 billion in abandonment and cancellation coverage for the Vancouver games. He confirmed that Hiscox is involved in insuring the event, but wouldnt reveal specifics about the coverage or the names of the policyholders.

According to the market publication Business Insurance, the International Olympic Committees cancellation and abandonment coverage is written as part of a revolving program that covers the organization for a series of games. Aon Benfield placed coverage under the program for the 2006 Winter Games in Turin, Italy, and the Beijing Olympics in 2008. The program also covers the 2012 summer games in London and the 2014 winter games in Sochi, Russia, according to London-based Aon Benfield. Swiss Reinsurance and Munich Reinsurance are lead reinsurers in the revolving program, company representatives said.
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• Vancouver
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• cancelation
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• abandonment
• Hiscox
• Aon
• Aon Benfield
• David Bruce
• reinsurance