Axa Cancels World Cup Insurance Citing Terrorism
Friday, October 12th, 2001 CatastropheFears of terrorism have led AXA, the French insurance giant, to cancel its agreement providing coverage for the World Cup soccer finals in Japan and South Korea, a sports news Web site has reported. A representative for AXA in New York, Matthew Klein, referred all questions to the Paris AXA spokesman, Ingo Koch, who was quoted in the online report by Soccer.Com. Mr. Koch could not immediately be reached. According to Soccer.Com, AXA set a Nov. 11 deadline for termination of a $853 million policy, which had a premium of $16.6 million. Mr. Koch was quoted as saying that the contract was cancelled because "dangers for security are much higher since the [terrorist] attacks on Sept. 11."
External References & Further Reading
http://www.nationalunderwriter.com/pandc/hotnews/ArcPC.asp?article=10_12_01_16_2957.xml
