Olympics cancelation could see largest-ever event cancelation claim

According to U.S.-based insurance broker Arthur J. Gallagher & Co., cancelation of the Summer Olympics Games in Tokyo would drive the largest-ever event cancelation insurance claim, with up to $3 billion in estimated losses, Reinsurance News reported. The games, slated to take place in Tokyo in July, could be canceled says 56% of insurers and reinsurers, as the pressure around holding the games amid the COVID-19 pandemic mounts.

Source: Business insurance