Star India Covers ICC Cricket World Cup Ads with Rs 1,750 Crore Insurance
Star India, the broadcasting giant, has taken a massive Rs 1,750 crore insurance policy to safeguard against potential losses in advertisement revenue during the ICC Men’s Cricket World Cup in India. This highly-anticipated tournament includes a special Rs 110 crore coverage for the India vs. Pakistan match. The insurance policy covers the cancellation of matches due to various factors, including adverse weather conditions and catastrophes.
The policy involves several insurance companies, with New India Assurance taking the lead, covering 73% of the risk. SBI General Insurance follows with a 25% share, and Future General India Insurance covers the remaining 2% of the risk in the policy.
Compared to the previous World Cup in 2019, where the total insured sum was Rs 1,477 crore, the premium was Rs 59 crore, the loss limit was Rs 150 crore, and the per-match limit was Rs 40 crore, this year’s policy is more extensive. The new policy offers a maximum payout of Rs 500 crore in case of match cancellations, with a per-match limit of Rs 45 crore, excluding final and India matches.
All matches featuring the Indian cricket team have been insured for Rs 110 crore each, including the final. It’s worth noting that this coverage extends to the entire match rather than just individual deliveries or moments.
The ICC Men’s Cricket World Cup is expected to be a significant revenue generator, with an estimated combined ad revenue of Rs 2,000 to Rs 2,200 crore on both TV and digital platforms. This is a substantial increase from the Rs 1,350 crore generated during the 2019 edition. The tournament has attracted sponsorship from 26 brands, including well-known names like PhonePe, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, MRF Tyres, LendingKart, BPCL, Google Pay, and others.
The tournament spans 45 days, from October 5 to November 19, featuring 48 matches among 10 teams at 10 venues across India. Ahmedabad is set to host the opening match and the final. The viewership, including TV and OTT platforms, is anticipated to surpass the 552 million Indian viewers who tuned in for the 2019 World Cup. Additionally, a substantial global audience is expected to follow the eagerly awaited tournament from their homes.
Star India’s comprehensive insurance coverage for the ICC Men’s Cricket World Cup underscores the significance of this sporting event and its potential economic impact, making it a significant event on the global stage.