IOC seeks insurance compensation
The International Olympic Committee is in talks with insurers over being compensated for the postponed Tokyo Games.
An “open discussion” is under way with insurance brokers, the IOC’s Olympic Games operations director Pierre Ducrey said Thursday.
The IOC pays for insurance against the cancellation of an Olympics but it has been unclear if its policy covers the one-year postponement forced by the coronavirus pandemic.
Cancellation policies detailed in the IOC’s annual accounts cost $14.4 million for the 2016 Rio de Janeiro Olympics and $12.8 million for the 2018 Pyeongchang Winter Games.
The IOC said last month it set aside $650 million to cover its own potential extra costs for the postponement.
Costs for organizers in Japan are expected to reach billions of dollars, with most of the bill paid for by taxpayers.