Lloyd’s is the pre-eminent insurer for rugby cover in the UK and abroad. The market offers personal accident cover for individual players of this highly commercially lucrative sport that generates hundreds of millions of dollars in economic impact for competing nations each year.
The players need personal accident cover. Last year, the International Rugby Board introduced a regulation stipulating that players must have cover when participating in international matches. For some, their existing personal accident policies may provide adequate cover, but for many, additional coverage is needed when competing in major international competitions.
Michael Owen at Lockton says” It is a heavy sport and players need to protect themselves because many do not play beyond the age of 30 and bodies are pretty much shot to pieces come 28, 29, 30.” Owen is placing business in the Lloyd’s and London markets to cover rugby players for career ending injury and disablement, and there has been a significant increase in demand for this cover since the regulation was introduced.
Players are also looking for income protection policies, in the event that they have a lucrative contract but suffer a short-term injury that may see their wages only pay up to a certain period of time. Owen also places cover for rugby players for permanent disablement from any occupation that would cover a player in the event that their injury was so severe that they could not do any job whatsoever. “We can provide cover for up to £1million or more for catastrophic injury for any occupation. However cover for career ending injury is geared towards the players’ contract, so the sum insured would clearly depend on what a player earns.”