The International Underwriting Association (IUA) has established a working party made up of practitioners from across the London market to help promote contingency insurance for public events such as sports matches, theatre and music concerts.
Andrew Duxbury, chairman of the Contingency Working Party and underwriting manager for financial institutions and contingency at Munich Re, said: "At the top end of the contingency market there are huge events with large amounts of money at stake driven by television and advertising revenue.
"But below that there is a middle field of smaller events that are perhaps operating without insurance."
