How mega events draw together all facets of the insurance industry
13 Sep 2022
The Gulf is increasingly becoming the home of mega events. This year’s World Cup in Qatar is expected to attract over one million fans from across the globe. Dubai attracted more than twenty million visitors to Expo 2020. Abu Dhabi is home to the annual climax of the Formula 1 calendar, and in 2023, the UAE will host COP28, the global climate change conference.
With mega events back after a hiatus during the pandemic, the insurance sector has an increasingly important role to play in offering peace of mind to everyone involved.
Mega events face risks from beginning to finish, including the cancellation, postponement or relocation of the event due to an array of factors, with diseases and international incidents increasingly prevalent, driving more organisers to seek comprehensive cover. With so much to on the line, planning for mega events starts years in advance, and it is not uncommon for premium rates to be discussed very early on in the process.
Of course, while organisers have a lot to consider, what about the visitors? If you’re attending a mega event in a foreign country, obtaining travel insurance will go a long way in recovering flight or accommodation related costs, should you have to cancel. It will also be of value if you need medical repatriation, especially if you don’t speak the language or face any difficulty in communicating, as your insurer will be able to guide you through the process.
It is also worth looking for specific covers provided by insurers for event related mishaps that might save you a significant amount of money. Many insurers, when it comes to mega events, could provide cover for medical incidents or ticket refunds.
We all get excited when we buy a ticket to our favorite event. And while we see the final product in action, we tend to overlook the planning that went into it, backed by insurance, which will always be a unique pillar of the success of any given event.