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Apr 09

Wimbledon To Receive $141 Million Insurance Payout Due To Cancellation

  • April 9, 2020
  • Chris Webber
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  • Insurance News

Wimbledon will receive a $141 million insurance payout after its 2020 coronavirus induced cancellation.

This is great news for Wimbledon along with its sponsors, fans and investors.

It’s incredible foresight to have this insurance and they’re fortunate to be able to invest $2M a year for this cover. From experience, I’m sure there were tough discussions about this investment and it was likely met with opposition from some.

Wimbledon Cancellation History

Looking at a quick history, I believe it was only cancelled once prior, during WWII in its 143 year history.  I’m not sure on the scope of cover, but presumably it provided cancellation and abandonment cover for a broad scope of risks.

With basic math, the cancellation risk would now be loosely considered 1 in 71.5 year event (cancelled twice in 143 years) whereas last year it would be 1 in 142 year event.  If you’re paying $2M for 142 years (or the equivalent at the time), it might not appear a good investment but the argument would’ve been…it’s only a matter of time.

Was Having Insurance Worth It?

With the understanding it’s been cancelled twice in 143 years, the big question is…… was it worth it?

When you look at it right now, it appears they’ve made the right decision.  I’m certainly no financial advisor, however you also need to consider what could’ve happened if they used their $34M elsewhere and what return could they have achieved over the past 17 years?

This being said, there are also some significant benefits of holding this protection that far outweigh the premium vs loss argument.  There’s also the strong likelihood that the presence of this insurance encouraged more investment and sponsorship in the event. This would’ve been an excellent bargaining chip for the organisers to generate more revenue on the basis that everyone who invested had their money somewhat guaranteed. It’s fair to say that their $2M premium outlay each years was more than offset with confident sponsorship spending.  Assuming this is the case, it’s an excellent risk strategy.

Assuming this insurance was supported by a strong risk management and business continuity strategy, it was excellent planning and a great investment.

The Question Now…

How much is their premium next year and will they take the cover?

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Chris Webber

About The Author

Chris Webber is the Director of Webber Insurance Services. Chris has been in the insurance industry for almost 15 years and is an SME business insurance specialist. The information on this blog and website is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision. We recommend you consult a licensed insurance broker in order to assist you.

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Neil Gray
Neil Gray
00:44 01 Dec 17
Top in their game, excellent service and interaction with office, everything is so easy and very price competitive. I can highly recommend Webber Insurance Services. Neil Open2View Real Estate Photography
Paul Parks
Paul Parks
01:11 01 Dec 17
After unsuccessfully searching around for the right insurance for my business i eventually found Webber. They were great to deal with and understood my needs. I have no trouble recommending these guys.
Sharyn Evans
Sharyn Evans
00:14 01 Dec 17
I've always been impressed by the responsiveness of the team at Webbers Insurance. From renewals to claims processing, they make the process easy and show a great deal of patience, particularly with regards to explaining the claims process itself. Would highly recommend them to anyone looking for small business insurance.
Dean Oakley
Dean Oakley
07:33 01 Dec 17
We've been with Webber insurance for 3 years and we have made a couple claims during that time. They have always been easy to deal with and very understanding. I highly recommend them!
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