Lloyd’s and Allianz named as cancelled tour insurers

Michael Jackson's death is expected to inflict a loss of about $24 million on insurers operating in the London market, Reuters reports.

  • Cancellation insurance was in place for just three shows
  • Lloyd's syndicate Talbot Underwriting said it had maximum net exposure of less than $3m
  • Bloomberg reported Allianz SE issued policies for the promoter and ticket sellers

“Most pre-existing conditions wouldn’t be covered in a standard insurance contract,” Duncan Fraser, a London-based partner at insurance broker Jardine Lloyd Thompson Group Plc. “Similarly, if someone dies from anything self-inflicted, like drugs or alcohol, that won’t be covered.” Reported Bloomberg.