(Bloomberg) — Munich Re has as much as $400 million on the line insuring against delays or cancellations of World Cup matches. The world's largest reinsurer is counting on Brazilian President Dilma Rousseff to do whatever it takes to avoid the embarrassment that would result from interruptions.
The company is confident events ranging from street protests to strikes to failing infrastructure won't disrupt play, Andrew Duxbury, a London-based underwriting manager, said yesterday in an interview moments before the opening match. The firm has experience insuring sporting events such as the 2010 World Cup tournament in South Africa and the 2012 Olympic games in London.
"I'm sitting here as comfortably as I was at this stage prior to the South African World Cup," Duxbury said. "There's an alignment of interest. The primary issue for Brazil is the legacy reputation. They want everyone to leave having had a great experience and promoting Brazil as a country."
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