“Insurer Beazley estimates that the event is insured for more than $10 billion across organizations including stadiums, hospitality firms, TV companies and the clubs.
The 12 stadiums, from Yekaterinburg in the east to St. Petersburg in the north, Kaliningrad in the west and Sochi in the south, are insured for physical damage to a sum of around $1 billion. A further $250 million is for terrorism liability, and $100 million is for active shooter policies.
Demand for active shooter policies, which include attacks using vehicles or knives, has risen compared with Brazil, said Chris Parker, head of political violence, terrorism and kidnap and ransom underwriting at Beazley.
Mr. Lockwood said insurance premiums against terror attacks were less than 0.5% of the sum insured, cheaper than for Sochi. That means for every $1 million of cover, policyholders would be paying $5,000 in premium.
Beazley estimated that the hospitality industry was insured for $500 million against the risk of event cancellation, with a further $150 million of insurance linked to World Cup-related sales promotions.
Ticketing agencies may have insured against a cyber breach, and clubs will likely have bought cover in case of injury and loss of player income.
Organizer FIFA has paid $134 million for insurance for clubs whose players get injured.
Lloyd’s of London estimates that the legs of forwards — the most valuable of all the players — have an average insurable value of more than £19 million ($25.33 million).”