Wimbledon (tennis) paid $2M a year for pandemic insurance (17 yrs.) will collect $141M

[underpants]

Report: Wimbledon’s Organizers Set For A $141 Million Payout After Taking Out Pandemic Insurance

Topline: The All England Lawn Tennis Association, which organizes the Wimbledon tennis tournament, looks set to recoup almost half of its losses from cancelling the event thanks to the $2 million pandemic insurance it has taken out every year for the last 17 years, Action Network reports.

Crucial comment: Ahead of the cancellation, German Tennis Federation Vice President Dick Horsdorff, told Sky Sports in Germany at the end of March: “Wimbledon was probably - as the only Grand Slam tournament many years ago predictive enough to insure itself against a worldwide pandemic, so that the financial damage should be minimized there.”

Big number: Wimbledon, which draws some of the world’s biggest tennis stars, celebrities and tennis fans to London’s SW19 each year, was expected to generate $310 million in revenue this year from ticket sales, broadcasting rights, sponsorships and more, while it has a $42 million prize fund.

https://www.forbes.com/sites/isabeltogoh/2020/04/09/report-wimbledons-organizers-set-for-a-141-million-payout-after-taking-out-pandemic-insurance/

[Firestorm49]

1. You have to "love" that wise decision.

[kairos12]

2. We could have used their boards expertise and foresight.

[Backseat Driver]

4. So what was happening in the world then...

China closed schools in April of 2003 because of SARS...

[Backseat Driver]

3. Well, well, lookee here:

https://www.marketwatch.com/story/the-world-bank-has-an-insurance-policy-against-virus-outbreaks-heres-why-it-hasnt-paid-out-2020-02-21

The World Bank has an insurance policy against virus outbreaks. Here’s why it hasn’t paid out....


[snipThe class A bond targeting influenza flu raised $225 million worth of funds, but it’s the class B issue that has drawn the lion’s share of attention as it covers non-flu diseases like COVID-19 and ebola.

The bond’s conditions aren’t triggered when the World Health Organization classifies a virus outbreak as a pandemic, but only when they meet a set of written conditions, much like an insurance policy. ][snip]

[chart]

"Olga Jonas, a Harvard researcher and a former World Bank economist who has monitored the pandemic bond, likened the debt issue to “casino banking,” a piece of unnecessary financial engineering whose benefits mostly accrued to investors."
=====================================================================

So, basically, a manufactured trading vehicle with very strict criteria of payouts for very wealthy investors...Hmmmm...then maybe a drug to "cure" it???

[underpants]

5. Interesting

Insurance companies underwrite everything (including re-insurance) and don't lose money on it either.