WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2008-04-03 Time: 00:00:00 Posted By: Jan
World soccer governing body Fifa has dismissed a report on insurance fears in relation to the 2010 Soccer World Cup, saying they have insurance in case the event collapses.
Fifa’s director of communication Andreas Herren told the Cape Argus: “As per the host organising association agreement, Fifa. as the rights holder, and the Local Organising Committee (LOC) both have insurance.”
Herren was responding to an article published in Britain by the Guardian newspaper, which reported that Fifa had been forced to build a R6,3-billion contingency fund to cater for the possible collapse of the 2010 World Cup.
The Guardian reported that insurers were holding off on a decision to provide coverage for the event in South Africa amid fears that the stadiums will not be ready in time.
| ‘it is not correct that Munich Re had been the insurer of the 2006 Fifa World Cup’ |
It said assessors for Munich Re, the German insurance giant which insured the 2006 tournament in Germany, were concerned about progress.
Herren dismissed the report as factually incorrect.
“In fact, Fifa had changed its insurance approach post the September 11, 2001 attacks, as it has become very difficult to insure a major event such as the World Cup against cancellation and therefore had covered the cancellation risk in 2006 through a capital market transaction.
“Not only are the costs of insurance prohibitive but the available policies also contain many exclusion clauses and can often be concluded only on an annual, renewable basis,” he said.
“Furthermore, it is not correct that Munich Re had been the insurer of the 2006 Fifa World Cup as reported by the Guardian. In fact, there was no such cancellation insurance in place for the 2006 event.
Herren said Fifa had accumulated enough reserves after each World Cup to be able to cover potential risks of cancellation of future tournaments by Fifa’s own equity reserves.
The LOC said it was reviewing its own insurance requirements.
Sylvia Collins of Munich Re of Africa said that from a reinsurance perspective, Munich Re was not in the least negative about South Africa hosting the World Cup.
“However, we are aware that there are certain infrastructure challenges which need to be met.”
Collins said the reinsurance cover for the event had not been put in place as yet.
In an article published on the Munich Re website, the company raised concerns.
“Public transport is pretty basic, the road network is poor and hotel capacity is inadequate. With an unemployment rate of up to 40 percent, crime in particular violent crime is very high.
“Although, primarily thanks to Nelson Mandela, the political situation is currently stable, there is no way of telling what it may be like in four years’ time.”