Premiums will soar as insurers face record payouts for cancelled, postponed events like Tokyo Olympics and Wimbledon, say industry watchers

The postponement of the Tokyo Olympic Games and other major sports events because of the coronavirus crisis is not only a pain for fans but also a huge loss for insurance companies.This will lead to a surge in the price of different types of insurance cover worldwide, including Hong Kong, in the coming years, according to industry watchers.It is estimated that insurers will have to pay up to US$6.3 billion in claims from event cancellation insurance which will cover losses on ticket sales and…

Read the original article at South China Morning Post