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Daily Insurance Industry News
Tuesday 19th of June 2018
June 29, 2009

Lloyd’s confirms Jackson exposure

by David Masters

Story link: Lloyd’s confirms Jackson exposure

Lloyd’s of London has confirmed that concert promoters insured Michael Jackson comeback tour with the market, but said losses resulting from Jackson’s death “are not likely to be significant”.

Early estimates put Lloyd’s potential exposure from events cancellation insurance at $400 million.

However, Lloyd’s said AEG Live, organisers of Jackson’s concert tour, were likely to have taken out several different policies with various insurers.

“We can confirm that some insurance for Michael Jackson’s concerts has been placed in the Lloyd’s market, but any losses are not likely to be significant,” a Lloyd’s spokesperson said.

Chris Rackliffe, underwriter at rival insurance firm Beazley, said not many insurers would be willing to take on the risk of a high-profile artist with serious health problems.

“His prior history, the fact of his health and the difficulties he has had in his life over the past few years mean that, from our point of view, he would have been very high risk,” Rackliffe said.

Jackson had been due to arrive in Britain next month to launch his comeback tour of 50 concerts at the O2 arena on 13 July.

The tour had originally be scheduled to begin on 20 May, but the O2 arena delayed until 13 July saying Jackson needed more time for dress rehearsals.

Over £50 million worth of tickets have been sold for the UK concerts, which would have been Jackson’s first solo performances since 1997.

 

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