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Event Insurers Still Play To Full Houses

While specialty insurers writing coverage for risks ranging from oil platforms, to trucks, to construction projects have reported lower demand in 2009, those working with customers in the sports and entertainment industries still draw crowds.

By Susanne Sclafane | Updated on September 13, 2009

While specialty insurers writing coverage for risks ranging from oil platforms, to trucks, to construction projects have reported lower demand in 2009, those working with customers in the sports and entertainment industries still draw crowds.

Not every player in the market is packing them in, but most underwriters and brokers specializing in event liability insurance and cancellation coverage–a niche that extends from covering bake sales and trade shows to the Olympics–reported higher or steady demand for insurance in 2009 during recent interviews with National Underwriter.

Chris Rackliffe, a contingency underwriter for Beazley in London, suggested that a poor global economy might paradoxically be one factor prompting more interest in coverage against cancellation, non-appearance and other contingency risks.

“When there’s an economic downturn, and people are looking at the bottom line, it’s even more important that they consider protecting revenue and profit,” said Mr. Rackliffe, who also chairs the Lloyd’s Contingency Business Panel.

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