Olympics 2016: Which insurance companies are in?

Olympics 2016- Which insurance companies are in-

The 2016 Summer Olympics are just around the corner. This year’s Olympic games have been shrouded with controversy ranging from health (Zika Virus & unclean water) and safety (crime & threats of terrorism). Some athletes, such as American cyclist Tejay van Garderen, have even decided to skip this year’s Olympics due to these concerns.

Despite these risks, many athletes are still excited to show off what they have in the most famous and well-regarded sporting event in the world. With most athletes still attending the games, the show will still go on, which means there are plenty of risks for insurance companies to cover. 
So, what insurance companies are getting in on this year’s games? Check below:

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1. Liberty Mutual:

Liberty Mutual is getting in on the games in a pretty big way this year. The Boston-based insurance company is sponsoring this year’s #RoadtoRio. Events have and will include athlete meet-and-greets, contests, giveaways and virtual reality experiences.

The company will also have the honor of insuring Team USA’s prized medals. Liberty Mutual, the “Official Protection Partner of Team USA Olympic Medals,” will provide coverage for gold, silver and bronze medals until 2020. That means if an athlete loses or damages their medal the insurance will cover the cost to replace it.

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2. Munich Re, Swiss Re and Hannover Re

Munich Re is said to be covering $200 million in potential losses for this year’s Olympic games, but the insurance industry in all is said to be covering at least $1 billion dollars in potential claims.

If an event, such as a natural disaster, were to cancel parts or all of the games the host nation, event organizers, broadcasters and losses for other stakeholders would be covered.

One potential pitfall? Zika wasn’t on the radar four years ago when the contracts with these companies were signed, so, unfortunately, it is probably not mentioned and therefore not covered. The good news? Insurers don’t see it Zika as a show-stopping event.

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3. Penn Mutual

Penn Mutual is getting in on the games in a slightly different way. Instead of insuring the games,  the company announced that it will sponsor two US Rugby players, Kristen Thomas and Madison Hughes.

From event coverage to medal protection to support for athletes the insurance industry is helping to make an otherwise rocky event run smoothly.

Related Reading: Curry vs. James: NBA Finals – Insurance Swagger 

Discussions — One Response

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