[REUTERS/Kim Kyung-Hoon/File Photo]Insurers are facing a $2-3 billion loss if the Tokyo Olympics are cancelled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. Event cancellation insurers have had a tough year as a result of the pandemic, with festivals, conferences and sporting events postponed or cancelled the world over. Event cancellation policies taken out in the last year exclude that cover. [REUTERS/Kim Kyung-Hoon/File Photo]Lloyd’s of London insurers are among those active in the event cancellation market, along with international insurers, and global reinsurers such as Munich Re and Swiss Re. Munich Re has a $500 million exposure to the Tokyo Olympics, one source previously told Reuters.

Source: Standard Digital January 27, 2021 15:51 UTC