The state-owned re-insurance firm General Insurance Corporation of India (GIC Re) on Thursday said it will provide Rs 600 crore terror and weather insurance cover for the Cricket World Cup to international sports broadcaster ESPN.
“We have finalised on providing Rs 600 crore terror and weather insurance cover for the Cup to ESPN on Rs nine crore premium,” GIC Re Chairman-cum-Managing Director Yogesh Lohia told reporters on the sidelines of 4th India Rendezvous on Reinsurance here.
This is a record cover and is three times the Rs 200 crore cover for the Commonwealth Games in Delhi.
The 2011 World Cup will begin on February 19 and end on April 2. India will host 27 matches in the 2011 ICC Cricket World Cup at eight venues – Bangalore, Chennai, Delhi, Mumbai, Kolkata, Punjab, Gujarat and Nagpur.
The GIC Re insurance cover would compensate for any broadcasting loss arising from cancellation due to adverse weather conditions and terror attacks.
However, GIC Re is still working on the details with BCCI on providing insurance cover of the World Cup.