A German district court has ruled that the termination of the Fédération Internationale de Football Association’s cancellation insurance for the 2002 World Cup by French insurance company AXA was null and void. The court also ruled that, as the leader of the consortium of 63 insurers, AXA was to pay FIFA compensation amounting to its own participation quota of somewhat more than 20 percent.
FIFA initiated legal action after AXA terminated the $1.12 billion policy for the World Cup in South Korea and Japan following the Sept. 11, 2001, terrorist attacks. Axa notified FIFA of its decision to terminate the policy on Oct. 11, 2001, giving notice of 30 days, according to FIFA.
