The fifth and final T20 cricket match between India and South Africa, which was abandoned because of rain, is likely to trigger claims of Rs 40-45 crore. In a sign of the maturing of event insurance business in India, companies are still willing to cover events for up to Rs 150 crore even as many global underwriters are retiring hurt.
“The international event insurance market was severely hit following the pandemic. It was not just sporting events like the Olympics or Wimbledon, there were thousands of events across the world that got cancelled. The number of underwriters in the London market has reduced by 50%,” said Arjun Sharma, practice leader (sports, events & entertainment) at Gallagher Insurance Brokers.