Olympics insurance coverage News

U.S. Olympics Sues Insurers Over Stalled Nassar Sex Abuse Settlement

The United States Olympic and Paralympic Committee (USOPC) said on Friday it has filed a lawsuit against its insurance providers for failing to fulfill obligations in reaching a settlement with survivors of the Larry Nassar sexual abuse scandal. Committee Chair …

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 …

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 …

Gymnast Sexual Abuse Victims Offered $215 Million Insurance Payout to Settle Claims

USA Gymnastics has filed a bankruptcy plan that includes an offer of $215 million for sexual abuse survivors to settle their claims against the embattled organization. The $215 million total is the amount the insurance carriers for USA Gymnastics and …

North-South Korea Tensions, Cyber Threats Worry Insurers of Olympics

If South Korea’s Winter Olympics go off without a hitch this month, organizers will not be alone in toasting success. Their insurers will also be celebrating a tidy profit. The Games are being staged about two hours’ drive from one …

Boston Ends Bid to Host 2024 Olympics

Boston’s bid to host the 2024 Olympics is over. The city and the U.S. Olympic Committee severed ties after a board teleconference Monday, USOC spokesman Patrick Sandusky told The Associated Press. The decision throws the bid process — and hopes …

Boston Olympics Bid Committee Says Insurance Will Minimize Risk to Taxpayers

Leaders of Boston’s bid for the 2024 Summer Olympics released details Thursday about insurance proposals they say will provide unprecedented coverage for Massachusetts taxpayers. The Boston 2024 bid committee released a document that described at least eight types of insurance …

Boston’s Revised 2024 Olympics Bid Promises ‘Most Insured Games in History’

Boston 2024, the group trying to bring the 2024 Olympics to Boston, released the most detailed look yet at its bid for the Summer Games on Monday, unveiling a $4.6 billion plan it says would create thousands of jobs and …