Page 26 - Insurance Times March 2022

MAJOR

INTERNATIONAL

SPORTING EVENTS

AND THEIR

INSURANCE AND

CLAIMS

Introduction preparing, and submitting a bid to the committees in charge.
To obtain approval, they have to spend on planning, hiring
Sports brings the world together as a community and there
consultants, organizing events and the related travel. This
is a perceptible adrenaline rush when the mega sports
events are going on. Avid sports fans seem to be immersed happens before the hosting country is even chosen. After a
in a kind of sports-mania at that time. country is chosen to host, it has to find a venue large enough
to host all the ceremonies and it also has to enhance and
upgrade all its sports facilities too. Other general
Amidst all the sports and media-hype one does wonder
infrastructures that countries must invest in include; the
about how much does it all cost to put up a major
need to build new hotels, organize transportation services
sportsevent?
and the construction of roads, train lines, and airports. All
this entails expenses in millions of dollars.
Hosting international sports events such as the Olympics,
Fédération Internationale de Football Association- (FIFA)
World Cup or the Super Bowl is quite costly for the Hence, impressive financial outlays in these events make it
organizing host countries. imperative that security is beefed up and insurance
protection obtained for unforeseen contingencies which can
jeopardize the event and cause huge losses to the organizers.
When a country desires to host a major sports event, it is
initially required to invest millions of dollars in evaluating, Correspondingly, this sports arena opens up many interesting
dimensions to analyse from the insurance perspective.
About the author Need for insurance of sporting events

Nandita Banerjee Major sporting events garner a great deal of attention and
Retired Manager consequently attract big financial outlays from corporates
National Insurance Co. Ltd. and broadcasters the world over.

26 The Insurance Times, March 2022