Sunday, April 12, 2009

Oriental Insurance expects about Rs 3 cr premium from IPL

NEW DELHI: The sole insurer of the much-hyped Indian Premier Leauge (IPL), state-owned Oriental Insurance Company Ltd today said it expects
about Rs 3 crore premium from the second season of T20 cricket tournament.

Owners of most of the teams have taken insurance cover for personal accident, terrorism as well as loss of baggage for their members, Oriental Insurance Company Chairman cum Managing Director M Ramadoss said.

"There are slight increase in the premiums this year... we expect premium to be around Rs 3 crore from various types of insurance cover that we are providing to players and organisers," he said.

The premiums have gone up in the range of 5-10 per cent depending on international conditions and reinsurance charges, he said.

The reinsurer for Oriental Insurance is the UK-based Lloyd's.

Insurance companies distribute the risk on large covers by going in for re-insurance.

Of the 8 teams playing in IPL beginning on April 18 in South Africa, he said the sum assured and the premiums vary from players to players.

Concerned at the security of the cricket teams, the Board of Control for Cricket in India (BCCI) shifted the second edition of the event to South Africa.

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