Finally, we have successfully watched nearly 73 matches in IPL-2024 (some of them were canceled due to various reasons) and Sunrisers Hyderabad has made it to the IPL final by beating Rajasthan Royals after a period of 6 years.
The IPL final is scheduled to happen between KKR and SRH on 26-05-2024. But, before this let us make you aware that the insurance companies had paid nearly Rs.150 Crore under IPL claims this year.
IPL is one of the most watched events and attracts many advertisers to advertise their products and services while the matches are going on. This brings massive revenue to the organizers and if a game is canceled, they lose out on that fee as the advertisers would pay only if their advertisements are aired and advertisements happen only when the game is on. Keeping this mind, IPL organizers have taken event insurance cover with the following details:
What’s on this page?
Event Insurance details of IPL 2024
| Sum-Insured | Rs. 10,000 Crore |
| Which insurance company insured the events? | New India Assurance, United Insurance, National Insurance |
| Claims received (in Rs.) | Rs. 150 Crore |
| Reasons for claims | Rain-related washouts leading to revenue loss, Player Injuries |
| Canceled events | GT vs KKR || RR vs KKR || SRH vs GT |
Organizers of IPL have already filed claims for nearly Rs.150 crore for washout matches and player injuries. Even though there are chances for rescheduling the games, some games have been canceled entirely due to adverse weather conditions. Insurance claims have started to emerge after three matches were partially and completely washed out due to rains. In addition, there are claims for player injuries.
Player injury claims are nothing costly less than wash out matches. Each player is bought into the team for at least a couple of crores and if the player is injured, then the amount invested on the player would reap no benefits. So, the insurance claims are decided based on the recovery time of the player. If the player has to move out of IPL completely, then the claim amount would be high, otherwise the claim amount depends on the number of matches the player would not pay.
On the other hand, each IPL game is expected to have a market value of around Rs. 100-150 Crore depending on the teams paying the matches. The market value includes advertisements, sponsorships, and other interrelated business such as stadium rent, shops operating in the stadium etc. So, if a single match is washed out due to extreme weather conditions, then it would lead to insurance claims depending on the losses incurred by the organizer. The franchise owners have filed the claims for player injuries and other various reasons covered under the policy.
FAQs
What is IPL insurance?
IPL insurance is a kind of event insurance policy that covers the losses or damages incurred by the policyholder and other insured members during the policy period. It is given for the time IPL- 2024 matches are conducted in India.
What is covered in IPL insurance?
IPL insurance covers a wide range of expenses such as loss of match revenue due to any insured peril, broadcasting costs, and player-related expenses due to injuries and finally event cancellations. If a player is injured and unable to pay for a certain number of matches, then the policy would compensate the franchise owner for the same.
Does IPL insurance policy pay claims if a match is canceled due to rains ?
Yes. IPL event insurance policy pays the claim amount in case of permanent or temporary cancellation of matches due to perils such as rains.
Who can take an IPL event insurance policy?
The organizer would take the IPL event insurance policy on behalf of all the team owners. If any of the franchise experience losses due to player injuries, match cancellations or loss of match revenue due to an insured peril, then.
What else would an event insurance policy cover?
An event insurance policy also covers the loss or damage to the equipment, and comes with personal accident cover, public liability cover, money insurance and many more add-ons. Check out this page on Ethika insurance to know more about Event insurance and its applications.
