|

IPL Insurance Claims Hit ₹150 crore

Insurance are facing a surge in claims from the IPL cricket tournament after a gap of five years. So far, insurers have received around ₹150 crore in claims from IPL due to rain-related match washouts and player injuries.

This year, the tournament took ₹10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.

With the tournament entering the qualifiers and eliminator stages, rain delays remain a concern, though there could be a buffer in terms of a reserve day for rescheduling. “Insurance claims have begun to emerge due to three completely washed out matches and partial washouts,” a person said. “Also, there are claims for player injuries.” The sharp rise in claims is expected to lead to higher insurance premiums for next year’s edition of IPL.

“These claims will have an impact on the premium of policies next year,” the person said.

Sponsors broadcasters have filed claims to recover some of their revenue losses from the washed-out matches.

IPL’s market value per match typically ranges between ₹100 crore and ₹125 crore. The tournament’s insurance policy covers a wide range of expenses including match revenue broadcasting costs player-related expenses, and event cancellations.

“This is the first time in five years that the insurance industry is seeing claims in IPL due to cancellations, with the last instance occurring in 2019,” said Pranav Shah, director speciality lines Alliance Insurance Brokers. “Several stakeholders, including broadcasters, franchise owners, and sponsors, are filing their claims, which could be over ₹120 crore.”

S-ET Image Source: Google

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *