news desk
\nLONDON
\nLost revenues from a record number of rain-hit cricket World Cup games in England and Wales may result in insurance claims of a few million pounds for each abandoned fixture, insurance sources say.
\nBroadcasters, organisers, venues, advertising sponsors and catering establishments are among firms to have missed out after four matches were called off in an exceptionally rainy June.
\nDue to the hectic nature of the tournament, which features 48 one-day matches between May and July, finishing on July 14, there is no opportunity to reschedule, except for the semi-finals and final.
\nCompanies typically buy contingency, or cancellation, insurance for sporting events, which covers everything from rain stopping play to terror attacks.
\nLloyd\u2019s of London insurer Beazley estimated, for example, that the football World Cup in Russia in 2018 was insured for more than $10 billion (\u00a38 billion), including cover for property damage and cyber breaches, as well as cancellation.
\nInsurers say cover for the less-popular cricket equivalent will be much lower.
\nStar India has the global media rights for the cricket tournament but has licensed further rights to sports broadcasters in other countries.
\nHowever, it is likely to have lost at least \u00a31 million for each abandoned match, insurance specialists estimate, as it gains huge advertising revenue in India for a popular sport in a nation of more than one billion people.
\nStar India did not respond to requests for comment.
\nThere are 123 advertising spots for broadcasters in a World Cup match, after each of the 100 overs and 20 wickets and during refreshment breaks, said Jonathan Ticehurst, a director at Lloyd\u2019s of London insurance broker Bishopsgate, who has arranged insurance for previous cricket World Cups.
\nBroadcasters buy contingency insurance, as \u201cin the event of no play, they are not able to charge\u201d the advertisers, he said.
\nTicket sales
\nThe fixtures, several of which were sold out, also attracted ticket sales of at least a few hundred thousand pounds each, with larger games likely attracting sales of more than a million pounds, based on Reuters estimates.
\nSpectators get all their money back if no ball is bowled, or if the game is abandoned after a small amount of play.<\/p>\n","protected":false},"excerpt":{"rendered":"
news desk LONDON Lost revenues from a record number of rain-hit cricket World Cup games in England and Wales may result in insurance claims of a few million pounds for each abandoned fixture, insurance sources say. Broadcasters, organisers, venues, advertising sponsors and catering establishments are among firms to have missed out after four matches were […]<\/p>\n","protected":false},"author":2,"featured_media":70241,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-70227","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"yoast_head":"\n