AIR+13 Jul 2021

Barring crowds from Olympics to cost reinsurers about $400m

| 13 Jul 2021

Japan's decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector $300m to $400m due to pay-outs for ticket and hospitality refunds, Fitch Ratings said. However, this is only 10%-15% of the amount reinsurers would have faced had the Olympics been cancelled, and its impact on earnings should be limited, leaving capital and ratings unaffected.

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