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The 2018 Winter Olympics bring in the usual risks associated with the Olympic Games, but this year the location and political climate of the host country adds some risks that insurers are not necessarily accustomed to. Along with the normal risks; event cancellation, exposure, abandonment, and terrorism coverage (as the risk of a terrorist attack becomes higher and higher with each Olympic Games), this year the necessity of cyber-insurance has already made itself evident with the “Olympic Destroyer” cyber-attack that occurred during the opening ceremony of the Games when hackers detonated probes inside the network. Reuters has reported that the International Olympic Committee (IOC) alone has taken out protection for around $800 million for the Olympic Games, covering the majority of the roughly $1 billion investment that the IOC made in the host city. Here is a breakdown of the types of insurance necessary to run a successful Winter Olympic Games.

There are monumental risks accompanying the major task of construction and infrastructure development of the Olympic arena. Construction insurance is purchased in order to guarantee the financing and completion of athletic and non-athletic venues. Construction insurance is necessary as almost 3,000 Olympians will be competing in fifteen different winter sports, all of which require specific athletic centers, including the Alpensia Biathlon Centre, the Olympic Sliding Centre, the Phoenix Snow Park, the Jeongseon Alpine Center, and specific arenas for hockey, curling, and ice skating. There were also several non-athletic venues that were necessary to construct for the 2018 games, including the Olympic Village, the Olympic Stadium, and areas for press and international broadcasting. The insurance necessary for the construction of all of these specific areas can differ, but we can assume it was definitely costly.

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