At the start of 2019, the sports calendar was full of events that we were all looking forward to. The Olympics, Euro2020 football, the 2020 and 2021 ICC Men’s T20 World Cups, but as a result of Covid-19 they were quickly cancelled. Elsewhere, the 2020 World Indoor Athletics Championships, most major badminton tournaments, several MotoGP and Formula 1 races, most British Premier League, English Football League and Gallagher English Premiership rugby seasons have been delayed, rearranged or even canceled entirely.
Many of these sports organizations have suffered considerable losses – including in America where the NBA, MLB and NFL are said to have lost nearly $13 billion – but there was one sports organization that, although it suffered some losses , was not as high as it could have been.
The All England Lawn Tennis Club (AELTC) which organizes the annual tournament Wimbledon competition recorded an operating profit of £40.5m in their 2020 financial statements. Compare that to the £50.1m they posted in 2019 and it’s clear they were one of the “ winners” in the fight against Covid-19. But how did a company that had to cancel its flagship competition keep its head above water?
This is largely thanks to the pandemic insurance policy that the organizers had in place for 17 years. After paying around £1.5m each year, AELTC was estimated to pay out £114m, but the company confirmed that a final settlement had yet to be agreed with the airline. ‘assurance.
Insurance is a product accessible to everyone, but not everyone takes it. This may be due to financial constraints, a lack of knowledge, or the simple belief that you don’t need it. But you do!
We all know we should have insurance for our home, our car, and our vacations. Some take out life insurance and some even insure parts of their body or that of their partner. Think of the celebrities who make their money from their voice or their sporting prowess. Or Ant and Dec who revealed in 2018 that they had a six-figure insurance policy on each other in case one of them died.
Yet, there are many other insurances that should come naturally to everyone, to ensure that not only they are protected, but also their partner/spouse, their children, even their pets.
While 2020 figures are yet to be announced, the Association of British Insurers (ABI) confirmed that in 2019, £5.7 billion was paid out to UK policyholders in protection claims, including £60.5 million for individual income protection claims. It’s fair to say that the 2020 numbers could be significantly higher due to the loss of income for so many families.
But with options like Individual Income Protection, Critical Illness, Term Life, Whole Life, Family Income Benefit (FIB), and Total Permanent Disability Insurance, how do you know what’s right? best for your family or your clients?
Likewise, if you do have policies in place, it’s important that, like your will and powers of attorney, you keep them up to date so that if the unexpected happens, you know you – and your loved ones – are covered.
Wimbledon is back in June and although the company admits it has struggled to maintain its pandemic insurance policy, many fans will take out their own protection. Umbrellas for the inevitable downpour and sunscreen “just in case”, but rain or shine, tennis combined with strawberries, cream and Pimm’s are the things that really matter in SW19 .