Time is running out for the International Olympic Committee (IOC) in its efforts to find event cancellation cover for this summer's Athens Olympics.

One Lloyd's underwriter said this week that the IOC needs to find up to 30 insurers in order to secure the £100m of event cancellation cover the games requires.

The IOC is seeking cancellation cover amid fears that the games may be called off due to stadium construction delays.

Though one Lloyd's syndicate is understood to have offered to provide some cancellation cover this week, experts say no single underwriter will be prepared to write £100m worth of cover.

"The IOC has to place over £100m of cover - it will need to find 20-30 underwriters," said one Lloyd's expert.

He added that some lines could be placed within Lloyd's and some could be placed in the company market.

It is understood that sports event cancellation specialists Hiscox is among the insurers to have turned down the IOC's request for cover, as the insurer has already written a large amount of Olympic-related lines for this summer's games.