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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Last year's weather to affect IPL teams this year, cover premiums may go up
insurance costs — probably even double what they paid in 2024 — after adverse weather that either washed out or severely curtailed three matches through the last season that coincides with a dry summer in most parts of the country.
Last season, a single cancelled match led to claims of around ₹16 crore to ₹17 crore, forcing insurers to revise the pricing of risk. Event cancellation policies, once priced at approximately ₹40 lakh to ₹45 lakh, are now being re-priced to factor in the losses.
Franchises, which previously took cover for around ₹2 crore premiums, now face costs of ₹4 crore to ₹5 crore. The Board of Control for Cricket in India (BCCI), which organises the IPL, faces costs of roughly ₹5 crore to ₹6 crore per match.
«Adverse weather conditions had been a point of concern and in 2024 led to nearly three matches being cancelled or curtailed in the last season forcing insurers to almost double the premium rate this season,» said Prateek Singhal, president of Howden Speciality, an insurance broker. «For each cancelled match, the losses can be huge, around ₹16 crore to ₹17 crore, due to lost revenue and other expenses.»
The policy will be in place this week as negotiations are going on.
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To limit the loss ratios, insurers are turning to reinsurance; however, market constraints mean that only about 20-30% of these structured risks can be offloaded. Moreover, a «weather window» clause in reinsurance policies requires coverage to be secured at least 10 days before the tournament begins. Reinsurance
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