The Unseen Safety Nets: Insurance Keeping Milano Cortina 2026 on Track
While the world's greatest athletes compete for gold every four years, it is the comprehensive and often invisible insurance frameworks that ensure the Winter Olympics operate smoothly behind the scenes. The 2026 Milano Cortina games represent a particularly complex insurance challenge, with geographically dispersed venues and evolving modern risks requiring sophisticated coverage solutions.
Allianz's Exclusive Partnership and Market Collaboration
German insurance giant Allianz became the exclusive insurance partner of the International Olympic Committee in 2021, with coverage extending through the 2032 Summer Games in Brisbane. Under the leadership of Eike Burgel, global head of the Olympic and Paralympic programme, Allianz manages between 15 and 17 distinct lines of business depending on whether the event is a summer or winter games.
Contrary to popular belief, there is no single overarching Olympics policy. The insurance landscape is remarkably complex, with reinsurance and specialized coverage handled through Lloyd's of London. Deanim Jadean, global technical manager for Allianz's Olympic partnership, emphasized that "games bring many risks together in one place and time. No single carrier can carry that alone. The responsible approach is a market effort supported by reinsurance capacity, with policies written for the host environment."
Winter Games Present Unique Insurance Challenges
The Milano Cortina Winter Olympics involve approximately 3,500 athletes compared to over 11,000 at the Paris Summer Games, but present greater logistical complexity with more than 16 venues spanning Milan, Cortina, Livigno, Bormio, and Verona. This geographical dispersion increases both logistical and insurance challenges significantly.
Winter sports inherently carry higher physical risks including icy surfaces and extreme speeds, while summer sports may involve heat exposure or water-based environments. Allianz anticipates significant activity around trip and ticket cancellation insurance as flu season coincides with the Italian event. The company covers property, liability, cyber protection, medical assistance, and transportation, but does not insure sporting outcomes, athletic performance, or terrorism.
The True Value of Olympic Medals
When medals go missing, the financial impact can be substantial despite their sentimental value. A Gallagher spokesperson explained that Olympic medalists should inform their home insurers if they keep medals at their property, as the value may exceed single-item limits for belongings. While the International Olympic Committee will replace lost medals, athletes typically bear the replacement costs.
Gold medals haven't been solid gold for over a century, consisting of at least 92.5 percent silver plated with six grams of pure gold. With rising metal prices, a gold medal's estimated value has increased to approximately £1,750, while silver medals are worth roughly £1,000. Bronze medals hold significantly lower material value at under £10, though their personal significance remains priceless to athletes.
Learning from Tokyo and Addressing Modern Threats
The 2020 Tokyo Summer Olympics, postponed to 2021 due to the COVID-19 pandemic, demonstrated the importance of event-cancellation insurance. The IOC had secured approximately $800 million in coverage through Lloyd's of London with reinsurers Swiss Re and Munich Re, ultimately receiving a $500 million payout to offset postponement costs.
For the 2026 Winter Olympics, cyber threats represent a growing concern. Marsh cyber chief Kelly Butler noted that Milano Cortina has already experienced cyber attacks, which Italian Foreign Minister Antonio Tajani attributes to "Russian origin." Russia remains banned from Olympic participation following its 2022 invasion of Ukraine and previous state-sponsored doping violations.
Butler emphasized that "to protect the integrity of the event, it's essential for strong, multi-layered cybersecurity measures, including zero-trust principles and international collaboration, to stay ahead of evolving threats and ensure a safe and secure games."
Planning for Future Olympic Events
With Olympic planning typically occurring three to five years before each quadrennial event, Allianz is already collaborating with organizing committees for the 2030 Winter Games in the French Alps and the 2032 Summer Games in Brisbane. This forward-looking approach ensures that insurance frameworks evolve alongside changing global risks and sporting landscapes.
