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At Tokio Marine HCC, we can proudly say that we play a leading role in the event cancellation market, with our contingency team providing a financial safety net against disaster that enables millions to enjoy the events they love.
The team also covers things like weather and prize indemnity… you won’t want to miss that next article as we dive into the exciting world of events and promotions.
Building a contingency powerhouse
The seeds that grew into Tokio Marine HCC’s contingency team were planted in a privately held MGA in the 1990s. This group was acquired by Houston Casualty Company in 2001 and formally welcomed into the Tokio Marine family in 2015.
Starting out, we only focused on sports related risk, writing sport disability policies. This quickly expanded into the contingency space which included event cancellation, weather insurance and prize indemnity. Once acquired by Tokio Marine HCC, we were uniquely positioned as not only an MGA but partnered with an A+ rated insurance company. Today, we are known as market leaders in the sports and entertainment industries providing coverage for major events all over the world.
We have proudly supported the world’s greatest sporting and entertainment events and may have even helped get your wedding over the line, with thousands of policies sold to smaller event sponsors around the world.
We offer the largest capacity for the events market globally, guided by our decades-long commitment to the contingency market.
The safety net
Thankfully, we live in a world where event cancellation cover is not often called upon.
For the most part, events proceed without issue, generating strong financial returns and delivering a great experience for attendees. But this isn’t guaranteed.
The Covid pandemic is a shining example of when event cancellation insurance showed its worth.
The speed of the pandemic meant events were shut down with minimal support, and everything from the world's largest sporting events, all the way down to your local park run, were suddenly cancelled.
For businesses, this was devastating. For some it was simply financial hardship, for others it was the end of the line.
Those with event cancellation insurance, however, had access to a much-needed lifeline.
While it will hopefully be decades before another world-wide event hits, when it does, those with event cancellation insurance will once again breathe a sigh of relief.
Looking ahead
While events like the pandemic are rare, localized perils are becoming frighteningly common. From wildfires in LA to flooding in Kentucky, businesses across all 50 states are already feeling the impact of climate change, and it's only set to worsen.
In this new era for our climate, businesses can expect more frequent and severe natural catastrophes, potentially leading to far more events being unable to proceed as planned.
Businesses are facing a daunting new reality, but Tokio Marine HCC is on hand to provide support.
More than ever, contingency cover will be needed to help reassure investors, build business confidence, and aid recovery following a crisis.
This will require best-in-class insurance expertise and sufficient capacity to cover the full demand for financial protection. We have both.
Don’t hesitate to reach out to see how we can help you.
