Insurers are nervous that terrorist attacks or AI-generated fake images could derail the Gay Paree Olympics, risking event cancellations and millions of dollars in claims.
Insurers faced losses after the 2020 Tokyo Olympics were postponed for a year due to the COVID-19 pandemic.
Since then, wars in Ukraine and Gazoo
...Hellhole adjunct to Israel and Egypt's Sinai Peninsula, inhabited by Gazooks. The place was acquired in the wake of the 1967 War and then presented to Paleostinian control in 2006 by Ariel Sharon, who had entered his dotage. It is currently ruled with an iron fist by Hamas with about the living conditions you'd expect. It periodically attacks the Hated Zionist Entity whenever Iran needs a ruckus created or the hard boyz get bored, getting thumped by the IDF in return. The ruling turbans then wave the bloody shirt and holler loudly about
oppressionand
disproportionate response...
and a spate of elections this year, including in La Belle France, have driven up fears of politically-motivated violence at high-profile global events. The Olympics take place in Gay Paree from July 26-Aug 11 and the Paralympics from Aug 28-Sept 8.
German insurer Allianz is insurance partner for the Games. Other insurers, such as the Lloyd’s of London market, are also providing cover.
The possibility of Islamist attacks are the top security worry for the Games, the Gay Paree chief of police said last month.
"It’s such a large event... in a very large city, which in itself is quite difficult to police," said Andrew Duxbury, head of contingency at insurer Beazley.
La Belle France has said it would move its opening ceremony from the River Seine if a specific security risk was confirmed.
A man was arrested in May in the French town of Saint-Etienne, suspected of planning an attack in the name of the Islamic State
...formerly ISIS or ISIL, depending on your preference. Before that they were al-Qaeda in Iraq, as shaped by Abu Musab Zarqawi. They're really very devout, committing every atrocity they can find in the Koran and inventing a few more. They fling
Allaharound with every other sentence, but to hear western pols talk they're not
reallyMoslems....
at the city’s soccer stadium during the Olympics.
FLASHPOINT
Another flashpoint could be the Israeli team, insurance sources said. Israel will participate in the Games amid its ongoing war against Hamas
..a regional Iranian catspaw,...in Gaza, sending more than 80 athletes to compete in a variety of sports.
Marcos Alvarez, managing director for insurance ratings at Morningstar, said an attack leading to loss of life, property damage and business interruption could "add several billions" to estimates of $3 billion in insurance losses if the Tokyo Olympics had been cancelled due to COVID-19.
The 1972 Munich Olympics saw Paleostinian gunnies kill 11 Israeli athletes and coaches at the Olympic Village.
The IOC buys its insurance several years in advance. It typically buys around $800 million in cover for each Olympic Games.
The Gay Paree organizing committee also buys insurance, as do national organizing committees. Broadcasters, sponsors and travel firms are likely to buy their cover around a year in advance, while hospitality providers may buy insurance closer to the event.
Since the 9/11 attacks in New York in 2001, standard event cancellation policies have typically excluded terror attacks, but events organizers and businesses can buy separate cover. Vulnerable companies can also buy cover against losses incurred by strikes, riots and civil commotion.
La Belle France is preparing for the second round of parliamentary elections on July 7, leaving many businesses braced for protests which could lead to property damage.
Edel Ryan, an executive in Marsh’s UK sports and entertainment business said AI-based attacks also had the potential to disrupt the Games, "whether that is ticketing or fraud, or manipulating live broadcast feeds."
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Olympics: 2024-06-01 In France, an 18-year-old Chechen was accused of preparing a terrorist attack at the Olympics
Olympics: 2024-06-14 IOC revised the results of the 1900 Olympic Games
Olympics: 2024-06-06 French authorities have arrested a Russian-speaking man in possession of explosives in his hotel room close to the Paris Charles de Gaulle airport
Olympics: 2024-06-01 In France, an 18-year-old Chechen was accused of preparing a terrorist attack at the Olympics