COVID-19: reinsurance premium of the Olympics 2020
The COVID-19 pandemic at the beginning of 2020 hit the sports industry hard. Many professional leagues across the globe suspended their seasons and events have been cancelled. The Olympic Games were due to take place in Tokyo at the end of July 2020, but, on March 24, the International Olympic Committee (IOC) took the decision to delay the Games until 2021. As a result of this postponement, global insurers were left to foot a large bill to cover the cost of the Games. Estimates suggest that the reinsurer Munich Re had a 500 million U.S. dollar exposure to the Tokyo Olympics.
