Lloyds of London have confirmed that concert promoters organising the Michael Jackson comeback tour had insured on the Lloyds market but ‘any losses are not likely to be significant.’
Earlier reports had suggested that Lloyds could face losses of up to $400million, but a spokesman said that the tour organisers AEG Live are likely to have taken insurance cover with several different policies with various insurers.
Chris Rackliffe from Lloyds rivals Beazley says that the singer would have been a massive risk for any insurer and that very few companies would take the risk of a high profile artist with serious health problems.
Over £50 million worth of tickets had been sold for Jackson’s scheduled This is it tour, with the singer due to take up a fifty date residency at London’s O2 Arena starting on July 13th. All of the ticket agencies involved in the promotion have said that they will be making a full refund to ticket holders for the shows.
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