Rio Olympics vulnerable to a host of risks

Rio Olympics vulnerable to a host of risks | Insurance Business

Rio Olympics vulnerable to a host of risks
The 2016 Summer Olympics in Rio de Janeiro is bringing together a range of risk exposures and insurance coverages, A.M. BestTV has been told.

Robert Hartwig, outgoing president of the Insurance Information Institute, said there is great concern among Brazilian authorities, the Olympic Committee, and insurers and brokers about a terrorist attack taking place within Rio.

“Although the concern is high, there is coverage that is in place, which will provide reimbursement,” Hartwig told A.M. BestTV.

“This coverage insures against physical damage to the venue, loss revenues, injuries, and deaths to both attendees as well as the athletics.”

According to the A.M. BestTV report, other issues worrying insurers involve construction, event cancellation, athletes' health, and media continuity.

But with an international event such as the Rio Olympics, Irwin Kishner, partner and chairman executive committee at Herrick Feinstein LLP, said the question really comes down to the unanticipated.

“With an international venue there is always something unanticipated. As for Rio, it has a panoply of issues, from the Zika virus, to political unrest, to a lack of proper infrastructure. For all of these and others, you need coverage to insure any loss of revenues,” Kishner told A.M. BestTV.

The Rio Olympics started on August 5 and will end on August 21.

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