For 17 days in 2004, the world turned its eyes to Athens. Thousands of athletes performed at their peak, watched by millions in the various Olympic arenas and by billions around the world on TV.
From an insurance point of view, the risks involved were incredibly hard to calculate. What if, for any reason, the Games were cancelled? Or a leading athlete sustained a career–ending injury? Or one of the newly completed stadia collapsed? Or terrorists attacked the ships in Piraeus harbour where thousands of dignitaries were staying in huge floating hotels? No rating manual existed to provide the answers.
Yet, naturally enough, everyone involved wanted to protect their investment in the Games – from the International Olympic Committee, which bought cancellation coverage for the first time; through broadcasters and advertisers; down to individual athletes and small businesses producing souvenirs.
For Lloyd’s, it was a tailor-made opportunity to show what we’re made of. Our underwriters’ game plan? To use their experience and expertise to understand and minimise the risks – sending in teams of security consultants, for example, to assess and advise on anti-terrorist measures. And thankfully, in the event, the only drama was provided by the athletes.
