Insurance in the world of sports has been attracting a lot of attention, especially as the 2016 Olympic Games commence in Rio. As the country battles a recession, contaminated water, the Zika virus and concerns over terrorism, there’s much to be concerned about as the International Olympic Committee battle through the press. Thankfully, most exposure to risk is held by a handful of large reinsurers, and insurance would cover a number of losses.
While we typically associate sports insurance as a niche product intended only for professional athletes, much discussion around concussions and other risks that affect recreational athletes have scored some recent attention as well.
There are a number of health related risks in the world of sports, from the Olympic level to close to home. In Canada, concerns over concussions at the professional and recreational level have led to a national concussion strategy aimed for 2017. Meanwhile, the NFL, CFL and NHL are facing separate legal battles between the league and the players regarding head injuries.
A new risk for athletes comes in the shape of ground up car and truck tires that is used on soccer fields called crumb rubber. Recent studies are showing that this material may be toxic and most of the particles are either carcinogens or irritants, which can cause respiratory issues including asthma.
There’s much to be learned in the world of sports insurance and the types of coverage available for athletes of all levels.
Read this Trends Paper to get the full outlook of sports insurance.
Sports Insurance Trends Paper