JLT chief says insurance industry rose to the challenge of covering the Olympics.
The Olympic Delivery Authority’s (ODA) insurance programme for the 2012 London Olympics was a unique challenge for the insurance market, according to Jardine Lloyd Thompson.
Tim Smith, partner at JLT, the broker chosen by the ODA to provide cover for the games, told the forum that the market had responded well to the tender process in which RSA and Brit Insurance were selected to insure risks.
“The ODA’s insurance programme presented unique challenges to us and the market,” said Smith. “It required a six-year policy providing a range of risks.”
He added: “I am pleased to say the insurance market did rise to this challenge and delivered a project insurance programme that benefited the ODA.
“As we move forward and the project develops, we continue to work closely with the ODA and the insurers to deliver the project insurance and risk management services aimed at supporting the ODA in achieving the successful delivery of the venues.”
David Allen, head of insurance at the ODA, said the authority’s major challenges of delivering the Games on time and within budget was a “key driver” in why it opted for commercial insurance.