SA World Cup insurance covers $650m

FIFA has sought coverage of $650 million against losses for postponement or relocation of this year’s World Cup in South Africa.

Munich Reinsurance Co holds the biggest share of the coverage, at around $350 million, whilst Swiss Reinsurance Co and Hannover Reinsurance Co are also providers.
A FIFA spokesman told specialist publication Business Insurance that the organisations did not purchase insurance against cancellation because “even if the event is delayed for any reason, it is extremely unlikely that it would be called off.”
However, a large number of companies linked to the event protected themselves against this risk as part of policies covering $5 billion sold worldwide in connection with the World Cup.