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MUMBAI: Kotak Mahindra Bank on Saturday reported a 40% year-on-year

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MUMBAI: Kotak Mahindra Bank on Saturday reported a 40% year-on-year fall in net profit to Rs 4,472.2 crore for the quarter ended June 2025, primarily due to a one-time gain

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File photo: Finance minister Nirmala Sitharaman (Picture credit: PTI) Finance minister Nirmala Sitharaman on Saturday said that sustaining economic growth in the face of global uncertainties remains India’s foremost priority.

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MUMBAI: Kotak Mahindra Bank on Saturday reported a 40% year-on-year fall in net profit to Rs 4,472.2 crore for the quarter ended June 2025, primarily due to a one-time gain

File photo: Union minister Piyush Goyal (Picture credit: PTI) India’s Free Trade Agreement (FTA) with Oman is at an advanced stage and nearly finalised, Union Commerce and Industry Minister Piyush

File photo: Finance minister Nirmala Sitharaman (Picture credit: PTI) Finance minister Nirmala Sitharaman on Saturday said that sustaining economic growth in the face of global uncertainties remains India’s foremost priority.

This is an AI-generated image, used for representational purposes only. An Indian company that exported $1.4 million worth of an explosive compound to Russia last December said it complied with

File photo: Union minister Piyush Goyal (Picture credit: PTI) Union commerce and industry minister Piyush Goyal on Saturday said the European Union’s Carbon Border Adjustment Mechanism (CBAM) is likely to

NEW DELHI: Union commerce and industry minister Piyush Goyal on Saturday hailed the newly signed free trade agreement with the United Kingdom and said that the deal was signed on

Vague war clauses cloud IPL cover

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Vague war clauses cloud IPL cover
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MUMBAI: The suspension of IPL – India’s most heavily insured sporting event – has brought renewed scrutiny to the utility and limits of event insurance amid geopolitical tensions. Howden, the insurance broker to the BCCI, acknowledged the suspension and said it would wait for an official decision on cancellation or rescheduling. “Match cancellations are complex and dynamic, and speculating is not in the best interest,” the firm said.IPL 2025 already saw a sharp rise in premiums following Rs 50 crore in weather-related claims last season. Reinsurance support dwindled, with just 20-30% of structured risks being transferred. The recent JioStar merger reshaped demand patterns, prompting broadcasters to reduce their coverage. While policies typically cover cancellation, adverse weather, unrest, and injuries, they are triggered only by outright cancellation or abandonment, not temporary suspensions – leaving policyholders exposed to short term halts.

Vague war clauses cloud IPL cover

“For a claim to be triggered, the event should either get cancelled or abandoned. Currently, IPL has been suspended for a week owing to the current situation at the border. The organiser can always commence the event at a later stage once things normalise. A similar situation happened during Covid 2021, wherein IPL was suspended, and after a few months, it commenced and successfully concluded,” said Amit Agarwal, CEO of Howden Broking.The pressing question is whether insurers may treat the disruption as a war event. Most policies, except marine cargo, exclude war-related risks as they fall under force majeure – events deemed uninsurable. If applied, even routine claims, such as for travel cancellations, could be denied. Besides IPL, corporates are delaying product launches and conferences as international guests are avoiding them due to advisories.“Event cancellations in the current scenario should be treated as insured events until declared otherwise. Coverage can be broad on paper, including cancellations and suspensions,” said Anup Dhingra, MD, FINPRO, IMEA. Rushik Patel of Edme Insurance Brokers said the key complication lies in the vagueness of war clauses.





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