Insurers face 'mind-blowingly' large loss if Olympics is cancelled

The Olympic rings are illuminated in front of the National Stadium in Tokyo, Japan January 22, 2021. [REUTERS/Kim Kyung-Hoon/File Photo]

Insurers are facing a $2-3 billion loss if the Tokyo Olympics are cancelled this year, amounting to the largest ever claim in the global event cancellation market, brokers say.

With less than six months until the Games are due to start, the competition will top the agenda when the International Olympic Committee’s (IOC) executive board meets this week.