By CricketCountry Staff
Mumbai: Apr 13, 2012
Everything about Indian Premier League (IPL) is put forth in a grand affair with resources being invested in large amounts. As a result most of the teams and event organizers want to play safe. Latest figures confirm that IPL 5 has recorded the highest insurance cover being taken for an event.
The Board of Control for Cricket in India (BCCI) has increased the event limit insurance to 812 crore which is estimated as double the figures of the 2010 edition and 10 % more than IPL 4. The premier cricketing body is recorded to have paid Rs 10 crore to National India Assurance.
Clarifying it’s step, the BCCI has said that the stakes are high for a premier event like IPL. In it’s fifth season the event has grown in popularity every year. According to BCCI the insurance policy covers disruptions in case of a terrorist attack and weather.
Reena Bhatnagar, deputy general manager, at Oriental Insurance explained, "Younger players have been insured higher because they are less prone to injury relatively and we have seen an increase in their performance over the years"
The trend followed up with player and franchises as well. Delhi Daredevils player Kevin Pietersen has the highest insurance cover among foreign players at 30 crores while Virat Kohli tops the chart among Indians with a cover of 35 crores.
Following him up, Chennai Super Kings skipper Mahendra Singh Dhoni was insured at 30 crores, while Master Blaster Sachin Tendulkar was insured for 14 crores. His team Mumbai Indians paid Rs 60 lakhs for Rs 70 crore cover.
The individual player insurance cover includes mediclaim, baggage loss, accident, ransom and hijack claims.
Among the other franchises, Kings XI Punjab has taken the lowest cover of Rs 24 crore. While Deccan Chargers have made a payment of 70 lakhs for a cover of 96 cover which is the highest among all.
Though the sponsors and advertisers have been skeptical about the putting in huge money but the insurance companies haven’t worried about it one bit. The risk may be higher for insurance companies but they are expecting the well managed IPL to maintain its track record and reduce their payout risk.