Insurers face 'mind-blowingly' large loss if Tokyo Olympics cancelled

Insurers are facing a $2-3 billion loss if the Tokyo Olympics are cancelled this year, amounting to the largest ever claim in the global event cancellation market, brokers say.
 

With less than six months until the Games are due to start, the competition will top the agenda when the International Olympic Committee's (IOC) executive board meets this week.
 

The Olympic body, which will meet remotely, finds itself in a similar situation to March last year, when it postponed the Games by 12 months as the COVID-19 pandemic shut down sport worldwide.
 

Much of Japan is now under a state of