2020 Olympics News

China’s Factories Hit with 2nd Blow from Coronavirus as External Demand Drops

Since last week, emails from foreign clients have been flooding into export manager Grace Gao’s in-box, asking to delay orders already made, putting goods ready to be shipped on hold until further notice, or asking for payment grace periods of …

AM Best Warns Losses Could Be Big for P/C Insurers Writing Event Cancellation Business

Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant, according to a new AM Best commentary. Losses on …

Olympics’ Postponement Likely to Cost Insurers Much Less than Cancellation

Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics were postponed …

Tokyo Games Delayed to 2021 in 1st Postponement in Olympics’ 124-Year History

The Tokyo Olympics were postponed on Tuesday into 2021, the first such delay in the Games’ 124-year modern history, as the coronavirus crisis wrecked the last international sporting showpiece still standing this year. Though a huge blow to Japan, which …

Olympics Organizers Remain Committed to Holding Games, Despite Coronavirus

The International Olympic Committee remains committed to holding the Tokyo Olympics this year and is confident steps taken around the world will help contain the novel coronavirus, but the group is now talking in more cautious terms about the potential …

Insurers Face Big Investment Losses, Trade Credit Claims from Coronavirus Crisis

Having initially brushed off the potential impact from coronavirus-linked claims, global insurers are waking up to the prospect of a double whammy – a sharp rise in payouts at a time of big investment losses. Because epidemics are excluded from …

Possible Delay of Tokyo Olympics Dismissed by Head of Organizing Committee

A delay of one or two years would be the “most feasible” option if the Tokyo Olympics cannot be held this summer due to the global outbreak of the coronavirus, a member of the organizing committee’s executive board told Reuters. …

Global Insurers Face Hefty Claims If Coronavirus Forces Olympics Cancellation

Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars. Japan has more than 200 cases of …