Insurers, reinsurers on edge over possible Olympics cancellation

According to Bloomberg Intelligence, insurers and reinsurers will be on edge over the next six weeks as the 2020 Tokyo Olympics’ opening nears with insured losses estimated to be in the $2 billion to $3 billion range if the games are cancelled again, Reinsurance News reported. The International Olympic Committee has taken out around $800 million in event-cancellation insurance, with additional cover purchased by the local organizing committee. Japan has implemented emergency measures to contain COVID-19 infections.

Source: Business Insurance