World Cup insurers risk flood of claims if Russia, Qatar lose bids

World Cup insurers are likely to refuse to pay out on many cancellation contracts if Russia and Qatar lose the rights to hold the tournaments because of fraud, industry experts said.

Russia and Qatar could be stripped of their World Cup hosting rights if evidence emerges of bribery in the bidding process, the head of the audit and compliance committee of soccer's governing body FIFA has said.

Lawyers and insurance specialists say many contracts could be annulled or go into dispute if governments, organising bodies, or firms such as sponsors, broadcasters or hospitality providers have taken out cancellation insurance and are found to be linked to fraudulent action.

Others who took out such contracts and did not have knowledge of any wrongdoing could be paid out in full.

Russia and Qatar have denied wrongdoing in the conduct of their bids for the 2018 and 2022 tournaments, which were not the subject of recent charges announced by U.S. prosecutors against FIFA officials. Read the full story
Share |

Related articles

Russia: Cooperation between National Association of Agriculture Insurers and ASNACODI will improve development of the Russian agroinsurance

Within the framework of XVI International Conference of the All-Russian Insurance Association President of the National Association of Agriculture Insurers (NAAI) Korney BIJDOV and President of the National Association of agriculture mutual insurance of Italy ASNACODI, Albano AGABITI, signed a cooperation agreement, informed the Agency of insurance news (ASN).

2018-06-13

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all