Sports

No pandemic cover for IPL matches

Surabhi Mumbai | Updated on August 06, 2020 Published on August 05, 2020

Insurers start to get queries, work on pricing

Risks arising out of Covid-19 will be excluded from the insurance cover for the Indian Premier League that is set to be held in the UAE from next month.

With the new dates for the T-20 cricketing series announced, insurers have begun to receive queries on risk coverage and packages as well as pricing.

“Event cancellation covers loss of revenue or expense due to insured perils largely adverse weather, national and or state mourning, civil commotion, terrorism. However, Covid-19 is a named exclusion under the policy,” said Sanjay Dutta, Chief- Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance, adding that the proposal for insurance coverage for IPL 2020 under the new schedule is yet to be finalised.

“As of now, we have got queries for the standard cover that is taken for IPL matches that are held in India. It will include personal accident cover and loss of fees cover for players. It will not include insurance for match fees, cancellation and Covid-19,” said an executive with a public sector insurer, adding that more clarity will be available after August 15 when more details will be finalised by the Board of Cricket Control in India.

Pricing details

According to insurers, the pricing is yet to be finalised but will depend on weather conditions. Further, the UAE is seen as a low risk destination as the infection has been controlled there and normalcy restored to some extent. This, too, will play a role in the pricing.

“As compared to normal Indian schedule of March to May, historically the weather in UAE in September to November isn’t rainy,” Dutta said.

Another insurer also pointed out that it is not certain if spectators will be permitted for the matches. Further, there is also unlikely to be any gate fee this time for the matches. “All this will also play a factor in the pricing,” he added.

Apart from the broadcaster, each of the franchises buy insurance cover for the players and the games they host. The premium could be at about ₹75 lakh to ₹1 crore this time compared to ₹1.5 crore for each franchise due to the various exclusions, the insurer said but stressed that it is still early days.

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Published on August 05, 2020
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