The fatal pandemic blanketing the entire world has weakened the global economies. However, amid the crises, the cancelation of Wimbledon Championships will not have a severe impact on British tennis as All England Club’s pandemic insurance policy has averted the losses.
The insurance policy has prevented the loss of a quarter of a billion pounds (approximately). “We’re still in a very good position – which is a slightly strange thing to say when you’ve just canceled the championships – but we’re financially very stable,” Chief Executive of The AELTC Richard Lewis said. (according to BBC)
“I’m optimistic that the surplus [the annual payment to governing body the LTA] will be pretty well protected, and therefore the impact will be somewhat minimized.”
Wimbledon Championships’ insurance policy
Wimbledon avails an annual insurance policy. They have paid £1.5 million over the past 17 years and the pay over in 2020 was over £100 million. However, pandemic insurance won’t be available for the year 2021. Also, there are possibilities the grass-court major might be held behind closed doors.
“No that’s impossible [to get pandemic insurance] in the current climate,” Lewis said. “What I would say about the future though is that when I first started in 2012, there were some signs that things were not insurable, because of communicable diseases that had taken place like SARS and swine flu.”
In 2020, the oldest tennis tournament Wimbledon Championships was canceled for the first time since World War II. It was solely due to the coronavirus pandemic. It has devastated the planet with more than half a million people losing their lives.