Sports insurance catching up in India

insured!!

Sports insurance may not be completely new to India. But like many other trend-setting examples, IPL has once again proved to be a trend-setter in the Indian professional sports scene.

IPL has grown to become a better platform to provide business opportunities for Insurance companies in India. Two major players in the Indian Insurance industry have been doing big business in the sport insurance sector in India. they are National Insurance Co. Ltd and Oriental Insurance. Some news about these two companies are below

#1. National Insurance Co. Ltd has agreed to provide a record Rs.900 crore cover against any loss of advertisement revenue to Multi Screen Media Pvt. Ltd#2.Cricket players gets covered, with Sachin Tendulkar being covered for Rs.44.97 crore by National Insurance Co. Ltd#3.Oriental has provided insurance cover to five IPL teams

The insurance covers for the telecast and players prove the point, that they consider cricket as an Industry. The insurance covers are also an indicative estimate of the projected ad-revenue by Multi Screen Media Pvt. Ltd. The increase in the insurance cover from Rs.400 crore to Rs.600 crore, shows that the ad revenues have sky rocketed within a season.

Oriental Insurance provided an insurance cover of more than Rs. 1,000 crore to the Board of Control for Cricket in India (BCCI), the apex governing body and the owners of different franchises in the last edition. There were eight teams in the last season of the IPL.