ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons
  • Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say
  • D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr
  • This Android malware switches off Wi-Fi and drain mobile wallet
  • North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'
Read in App
Business News » India News

World Cup 2019: India's rain-affected matches may cost Rs 100 crore loss to insurers

The World Cup 2019 has been on the tough side for cricket fans all over the world. While Indian fans and even insurance companies are praying God to spare India's remaining matches as the washed out games could cost them Rs 100 crore in pay-outs.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
World Cup 2019: India's rain-affected matches may cost Rs 100 crore loss to insurers

The World Cup 2019 has been on the tough side for cricket fans all over the world. While Indian fans and even insurance companies are praying God to spare India's remaining matches as the washed out games could cost them Rs 100 crore in pay-outs. Team India is left with four more games to play before the semi-finals and insurers are praying no wash-outs because their liability surfaces when a match is called off or disrupted due to rains. India Vs New Zealand was washed out in World Cup and Indian insurers are sitting on the risk of about Rs 100 crore, as rains threat still loom large over remaining matches. According to PTI report, the Indian market's capacity in terms of the total sum assured is around Rs 150 crore and the risk is shared by several insurers. Big players like New India Assurance, General Insurance Corporation, ICICI Lombard General Insurance and Oriental Insurance are the underwriters who typically participate in these covers.

1. The claims are meant for losses to incur to broadcasters who pay in advance to ICC for broadcast rights.

2. There is no liability if matches take place, sources said, adding that wash-out or disruption in the play due to rains leads to a shortage in advertisement revenue for broadcasters.

3. Advertisement revenue varies based on the opponent, and the risk and coverage also differ accordingly. Insurance coverage was to the tune of about Rs 50 crore for high voltage India-Pakistan match which was won by the Virat Kohli-led Indian team.

4. According to insurance industry sources, the sum insured on the advertisement revenue front could range from Rs 5 crore to Rs 50 crore per match. But for special matches like finals or semi-finals, the amount goes up to Rs 70-80 crore, they said.

5. ICICI Lombard General Insurance, Head (Underwriting, Reinsurance and Claims), Sanjay Datta said, the risk liability for insurers are high as important matches are remaining.

6. Indian insurers are providing cover limited to advertisement revenue and the shortfall in the revenue is covered by the underwriter in case of disruption due to rain.

7. International Cricket Council (ICC) has sold global broadcasting rights for two World Cups and two Champions Trophy matches and the T-20 World Cup for an eight-year period to Star India. Star India has agreed to pay USD 1.98 billion, which was 80 per cent more than the USD 1.1 billion it paid for the previous eight-year cycle.

8. According to reports, the England and Wales Cricket Board (ECB), which gets the revenue from the ticket sales has an insurance policy against matches being called off. Cricket fans get all their money back if no ball is bowled, or if the game is abandoned after a small amount of play.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
ICC World Cup 2019
Written By: ZeeBiz WebTeam
Updated: Sun, Jun 23, 2019
05:49 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
World Cup prize money: Cricket beaten by tennis! Entire England team got near what Novak Djokovic alone got for Wimbledon triumph! World Cup prize money: Cricket beaten by tennis! Entire England team got near what Novak Djokovic alone got for Wimbledon triumph!
India vs NZ Cricket World Cup: Apple wins Indian hearts! Check out Chetan Bhagat, Mallika Dua reactions India vs NZ Cricket World Cup: Apple wins Indian hearts! Check out Chetan Bhagat, Mallika Dua reactions
Plan to watch your favorite team play Cricket World Cup final in England? Solve your money problem; here is how Plan to watch your favorite team play Cricket World Cup final in England? Solve your money problem; here is how
Watching Indian cricket team matches at World Cup 2019 online? Alert! First, make sure you are  safe from cyber attacks Watching Indian cricket team matches at World Cup 2019 online? Alert! First, make sure you are safe from cyber attacks
ICC World Cup 2019: Play Cricket Fantasy League and win daily prizes worth up to Rs 10,000! ICC World Cup 2019: Play Cricket Fantasy League and win daily prizes worth up to Rs 10,000!

LATEST NEWS

HDFC Bank receives go-ahead from exchanges for amalgamation scheme with HDFC – know details

Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say

D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr

Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons here

Commerce Minister looking to release new foreign trade policy before September, says official

Global factors, crude oil movement, macro data key factors to drive markets next week - analysts believe volatility may continue

Electricity distribution companies' outstanding dues to power producers rise 4% to Rs 1.32 lakh cr in June - know details here

Maruti Suzuki looks to deploy strong hybrid tech across model range

North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'

DGCA seeks reply from IndiGo as around 56% of airlines flights delayed on Saturday

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV