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CLT20 insurance cover set to soar

Champion’s League T20 (CLT20) is set to get bigger, at least in terms of insurance cover. The much-anticipated cricket league, slated to be held in India from September 17, will see a jump of nearly 100 per cent in the cover for each match, taking the total insurance cover amount to Rs 150-200 crore. This will be on a par with the cover for the Commonwealth Games held here in 2010.

“We have got the coverage policy in place and it will be no less than a standard IPL (Indian Premier League) match cover. For the matches, we have also secured coverage against acts of terrorism disrupting the game,” Sanjay Patel, secretary of the Board of Control for Cricket in India (BCCI), told Business Standard.

It is learnt each match is covered for about Rs 5 crore, higher than in previous editions of the tournament. This year’s edition will have around 30 matches. The event cancellation policy will also cover damages resulting from terrorist-backed activities. The cover for CLT20 will safeguard BCCI against any loss of revenue on account of cancellation of any match for reasons beyond its control (terrorism, bad weather, natural calamities, strikes, etc).

AOL and Allianz are learnt to have brokered the insurance coverage for this year’s CLT20.

An insurance sector official said, “The cover for the league this year will be higher than usual, as it is happening in India. Therefore, stakes will be higher in terms of ratings, gate revenue and other such aspects of each match. It could mean a marginal rise in premium as well.” Usually, the premium for such covers during IPL is about two-three per cent of the sum assured.

Typically, public sector general insurers lead in bidding for high-voltage sporting events. In 2011, when India won the ICC World Cup, BCCI had purchased a Rs 400-crore event cancellation policy.

This edition of the CLT20 will be held across four cities — Hyderabad, Mohali, Bangalore and Raipur.

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