Reinsurers Could Face $400M Bill From Olympics Crowd Ban

Law360, London (July 13, 2021, 12:47 PM BST) -- Reinsurers could face a bill of up to $400 million after the decision to ban spectators at the Tokyo Olympic Games, according to Fitch Ratings.

But the London-based ratings agency said on Monday that the payout is still only between 10% and 15% of the total amount that reinsurers would have been forced to pay if the massive sporting event, which starts on July 23, had been canceled outright.

The Japanese government declared a state of emergency last Thursday amid rising numbers of cases of COVID-19 in the country, saying that spectators would not be allowed in to any Olympic venues in...

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