The wide spectrum of events, participants and venues for sports and other live entertainment bring a diverse range of risks – and potential insurance needs – into play.
At WTW, whether you are running a sports team, staging a global concert tour, or preparing a fireworks extravaganza, our experience helps you identify your potential risk exposures and the best ways to combat them, including vulnerabilities to fast moving risks, such as:
- Cyber/ransomware attacks causing interruption to businesses and events
- Geopolitical risk
- Reputational damage
- Changing consumer expectations
Who we serve
Professional athletes
The world of professional sports offers a wide range of careers, but the window of peak earning potential is often brief. Athletes require personalized and forward-thinking assistance, ensuring they understand and alleviate the risks of potential career-ending injuries.
Professional clubs
There is no generic solution when it comes to evaluating sports team risks and insurance needs; much depends on factors such as organizational size and league or association prerequisites. In addition to mitigating the financial risks arising from a player's permanent total disability or death, sports insurance coverage has expanded to include protection against risks such as reputational crises, trade credit losses and cyber threats, driven by the growing scope of professional clubs and their interactions with supporters and sponsors.
International and national sports associations
Beyond providing comprehensive traditional insurance coverage for large-scale events, we work with you to consider a wide range of associated risk factors, such as:
- Venue selection
- Contingency planning
- Climate risk exposure
Event organizers
Staging an event typically involves multiple parties and contracts. Beyond those contractual risks with the likes of sponsors, broadcasters and other partners, event organizers will face the physical risks associated with hosting them. Because every stakeholder in the value chain shoulders event-related risks, they all can benefit from risk mitigation and insurance coverage.
Broadcasters
Whether online or traditional, broadcasters encounter diverse risks that can impact their business models, such as event paywalls, subscriptions and advertising-supported content.
Studios and production companies
From live broadcasts to elaborate half-time and pyrotechnics shows, the demands placed on media businesses that support today’s sports and live entertainment industry can be immense. Contractual and physical risks exposures are naturally rising too with implications for risk management and insurance needs.
Why WTW?
- More than 20 dedicated sports and entertainment colleagues globally
- Data-based innovation, thought leadership and product development
- In-house risk advisory team, offering intelligence, consulting services and training
- Crisis support, seven days a week, 24 hours a day
- More than $100 million of sports premium placed in global insurance markets
We offer more than just insurance brokerage services. Our services support a range of short- and long-term risk management objectives.
The core components of our sports and live entertainment industry offering include:
-
Using the power of analytics
Our risk models help you optimize retained and transferable exposure, maximizing profitability and minimizing operational costs.
-
Knowledge and experience
Our industry-focused experts provide strategic insights that can give you a competitive edge.
-
A smooth transition
By working with you on tailored transition plans we help reduce downtime and associated costs if an incident or insurance loss occurs.
-
Support at critical times
We provide expert-led crisis management to mitigate brand damage and financial loss, backed by a proven track record of resolving complex sports and entertainment claims.
-
Transactional creativity
We can deliver innovative pricing and coverage solutions which help maximize your financial flexibility and risk coverage.
-
Insurance transaction plus
We offer comprehensive risk advisory services that identify and capitalize on operational and contractual efficiencies, thereby enhancing your enterprise’s resilience and potential profitability.
The sports and live entertainment industry faces a range of complex risks that require the expertise of WTW’s specialists. Contact us to learn more.
