Football- For some a religion, for some just to fall asleep. According to statista, football had 1.6 billion fans in 2015 and is therefore the number one popular sport on a global scale. The football business is huge. For example, Russia invested a record € 800 million in infrastructure and stadiums for the 2018 World Cup. The world football association FIFA was left with an insane profit of € 1.6 billion at the 2014 World Cup in Brazil. With such sums of money it is only understandable that there are also some insurances relating to sports. We’ll tell you which insurance coverage is relevant for footballers, how the big clubs insure themselves and even which insurance can be of use to a football fan.
Since professional footballers can no longer call up their usual performance in the event of injuries, they must take precautions in the event of such an injury. In the worst case, an injury can end a career, which is why professional athletes can quickly plunge into financial chaos. The players usually only receive their wages from the club for a few weeks. As a football player, it is best to have special sports insurance. It is roughly comparable to a private accident insurance, which takes effect in the event of accidents and permanent disability in leisure time and at work. The only difference is that the scope of services is correspondingly higher and adapted to the sport of football (e.g. with sufficient daily allowance). According to estimates, 80-90% of the professionals in the German Bundesliga have this type of disability or sports disability.
Insurance against injuries is also possible in the amateur field of football. The keyword here is private accident insurance. This covers accidents in leisure time and pays for long-term damage caused by sports injuries. This is important because the statutory accident insurance is only responsible for accidents in and on the way to work / university / school or to kindergarten. However, illnesses of all kinds are excluded from private accident insurance. Such insurance is very useful for children, especially when they play sports, as accidents often occur here. Children can be insured cheaply in a family accident insurance.
Clubs can insure themselves against loss of income and failure to achieve sporting goals, for example failure to win the championship. If the club is eliminated from a competition, it not only loses the prize money for the games, but also income from ticket sales.
The German soccer club Borussia Dortmund has been insured against any loss of income since 2015. The amount of the bonus is not known, but for many clubs they are not related to the possible winnings, which is why many forego it.
FIFA has been protecting clubs for players who are seconded to the national teams since 2012. During the obligation to park, FIFA pays the player’s football club € 24,000 if the player is absent for more than four weeks due to an injury.
The major sporting events such as the European Championship and the World Championship are also insured again. FIFA covered a total of € 900 million at the 2014 World Cup. This secured itself against possible postponements of the event due to risks such as the Zika virus back in Brazil. The victory of a surprise team is also a curious risk. The bonuses to be paid by the national football organization as a result would exceed the financial possibilities.
On the occasion of the World Cup or European Championship, many companies offer offers or deals to win a team. The company can insure itself against these advertising campaigns, but a campaign against the World Cup victory of a favorite quickly costs three times as much as against the victory of an underdog. In professional circles, the insurance is known as “Over-Redemption Insurance”.
At a World Cup, you can quickly invite a few friends over and watch a game over a cozy beer. In the party mood, however, it can quickly happen that a table collapses, burn marks from barbecuing on the balcony or liquid is spilled over the beautiful carpet. If you as a visitor damage someone else’s property in the course of the football euphoria, private liability insurance takes effect. In Austria, this is usually included in household insurance.
Many sporting events such as a large public viewing or a company soccer tournament have a major risk factor: the weather. If this doesn’t play along, the whole event can turn into a soaked horror. The cancellation of such events is of course associated with costs, which luckily you can insure yourself against. Events can be insured at a flat rate with weather insurance such as LAMIE fixed weather insurance. Should it really rain, you will receive compensation to compensate for weather-related losses.
Event and event liability insurance is also necessary to protect yourself against liability claims and high damage that may arise in the course of the event . We also have tips for you on how to make your sporting event a hit despite the rain .
Football is the most beautiful game in the world. And this minor matter harbors immense sums that, like everything that involves a lot of money, should be insured accordingly. The many different types of football-related insurance alone are astonishing at how wide this sport is.