What’s the most talked about thing of 2024?
Undeniably, the Paris Olympics and Paralympics.
Did you know that Allianz is the official insurer for this season?
We know the stage and the players but let’s take a closer look at how things function behind the desk with a number of risks at play.
Olympics is the largest sporting event in the world and as such, it involves a lot of considerations. Naturally so, it is not prone to some of the insured risks and the organisation, not so well-known as Takeshi’s castle, realises that.
Following are some of the risks that are likely to be insured during the event:
Event cancellation: As the name suggests, this type of insurance can help with the losses of non-refundable payments and the cancellations or postponed events due to various factors, including security threats and public health concerns. This may include cancellations due to extreme weather conditions and other catastrophes.
Property Damage: A major event like the Olympics involves significant infrastructure and equipment which are liable to damage, be it accidental or intentional vandalism or natural disasters.
Injury: This would include all claims pertaining to injuries to either spectators, employees or participants.
Third-party Liability: Claims involving third party property damage or bodily injury as a result of the actions of all the people involved in the event, including organisers, participants or audience members.
Medical Insurance: This coverage is required by all athletes and teams to protect them against injuries and illnesses suffered during training and/or competitions.
It is no wonder how there are a lot of background policies in place to deliver such a successful run every four years. But, in all good fun, we think a dental insurance to help cover all the dentures biting into those medals is the next step!
While we keep a close watch on the global sports scene, the Indian Olympic Association (IOA) has recently proposed medical health insurance and pension schemes for all former Olympians. Does it call for a celebration yet? Let’s wait for the decision board and the further steps we witness.
Until then, we keep counting risks and being the risk-averse individuals actuaries assume us to be!
Related Posts
