Lost revenues from a record number of rain-hit cricket World Cup games in England and Wales may result in insurance claims of a few million pounds for each abandoned fixture, insurance sources say.
Broadcasters, organisers, venues, advertising sponsors and catering establishments are among the firms to have missed out after four matches were called off in an exceptionally rainy June.
Companies typically buy contingency, or cancellation, insurance for sporting events, which covers everything from rain stopping play to terror attacks.
Beazly, an agency of Lloyd’s of London, estimated, for example, that the football World Cup in Russia in 2018 was insured for more than $10 billion. Insurers say cover for the cricket equivalent will be much lower.
Star India has the global media rights for the cricket tournament but has licensed further rights to sports broadcasters in other countries.
However, it is likely to have lost at least £1 million ($1.26 million) for each abandoned match, insurance specialists estimate.
