Lloyd's values WCup insurance in billions

Published Jun. 9, 2010 5:47 p.m. ET

foxsports

Specialist insurers Lloyd's of London says the World Cup will kick off this week with insurance policies worth more than $9 billion covering properties and contingencies.

Lloyd's said Wednesday much of the insurance would cover the top players at the event, who would be insured against injuries for about $73 million each, while their brand value alone could be put at around $14.58 million.

Lloyd's estimated the value of the stadiums and training venues in South Africa at $4.7 billion.

The growing commercial involvement in soccer by corporations and media has led to a burgeoning insurance market to cover the World Cup, including the possibility of delays and cancellations.

``Competitions, offers, prizes, sponsorship, broadcast rights; it's impossible to know how many there are, but all companies with these financial implications need coverage,'' said Chris Nash, Lloyd's active underwriter.

``When you take this into account, along with the number of broadcasters around the world airing the games, I'd probably estimate the whole thing at around $4.4 billion.''

Like all new World Cup hosts, South Africa has spent freely on five new stadiums and upgrades to others to stage the event. Lloyd's put the estimated value of those properties at $4.7 billion.