Taylor Swift’s three cancelled concerts in Austria are reportedly set to cost insurance companies millions of dollars.
Set to take place at Vienna’s Ernst Happel Stadium this week, the concerts were forced not to go ahead after the government uncovered a planned attack.
Organiser Barracuda Music has subsequently said all tickets will be refunded within 10 days, with some 195,000 people having been set to attend.
According to Reuters-quoted sources, insurers face a hit worth tens of millions of dollars over the cancellations.
This will likely be spread out among firms though, with most specialist event-cancellation insurers in London likely exposed, the sources added.
Event organisers usually buy insurance to cover cancellations, with separate policies relating to militant attacks also often being bought.
Tysers broker Tim Thornhill noted a “standalone terrorism cancellation insurance policy would have been triggered” within such a policy after the concerts were axed.
Sources added the hit to insurers could well be mitigated given the concerts could be rescheduled in the future.
Swift’s Eras tour, which is estimated to generate almost US$2 billion in ticket sales, will take her to London’s Wembley Stadium for five nights next week.