IPL breaks record for largest insurance cover for a sporting event in India
This was mainly because of a 25% increase in coverage limit.
The 2022 India Premier League has broken the record in India for the largest insurance cover for a sporting event, a report by Business Today said.
A huge part of this was because the Board of Control for Cricket in India (BCCI) increased the event coverage limit by 25% to $660 from the previous $530m.
Another reason for the increase was because the league moved from eight teams to 10 teams this year. Meanwhile, the number of matches scheduled also increase to 74 from 60 from the last IPL.
The insurance policy of the IPL involves various stakeholders from the BCCI, the teams, the broadcaster, sponsors, and ancillary service providers for any revenue loss on account of unforeseen circumstances.
Part of the biggest component of the cover is event cancellation however, matches canceled by COVID-19 are not covered as it is a ‘pre-existing disease and therefore communicable disease the cover is not available.’
You may also like:
No man left behind: How insurtech is solving the underinsurance mess
Read Here
Advertise
Sign Up
