Sports Insurance in Hong Kong

With the Rugby 7’s returning to its full end of March glory in just over a week, Hong Kong is abuzz with the long missed “7’s fever.” Even with a smaller event occurring at the end of 2022, with the last weekend in March seeing the return of the grand old tournament, much of the city’s attention has turned to sports.

So, what better time to talk about Hong Kong Sports Insurance?

Whether you are an amateur or professional athlete, things can go wrong while you’re engaged in competition or simply warming up for a training session. From simple strains, to far more serious damage, one of the worst things that can happen to an athlete is to suffer an injury that leaves them sidelined for an extensive period of time.

But without the proper support, getting back into play can be a challenging prospect.

“Sports Insurance” in Hong Kong does not describe one simple product, because an off the shelf policy isn’t going to meet the needs of every single athlete playing every possible sport. Professional athletes will also have different needs to amateurs, as their income is at stake. When it comes to Sports Insurance the objective is to create a portfolio of overlapping coverages to fully insulate the individual athlete or team against the worst outcomes of their passion.

Athlete Health Insurance

Rugby players are involved in hard contact and fast hits, Footballers and Tennis Players are both at a heightened risk of soft tissue injuries. No matter what sport you play, the human body can be surprisingly fragile and break (or be broken) in remarkably unexpected ways.

Hong Kong and International Health Insurance plans all start with inpatient protection that covers you for most situations where an overnight stay in a hospital is necessary. From there athletes can choose to include outpatient protection which covers a range of specialist procedures and treatments, often including Physiotherapy and other medically necessary recovery services.

If you attend tournament or competitions overseas then it may be wise to purchase an International Health Insurance policy that covers you against the costs of medical care while outside of Hong Kong. This gives you the assurance that even if you’re 100 miles into the run section of the Iron Man Philippines race, and your legs give out, your insurance will be able to cover the costs associated with any care you require.

It is important to note that many Health Insurance companies (both in Hong Kong and around the world) do not cover professional athletes, or will offer coverage only in return for an increased overall premium for the policy. As such, if you receive any compensation in relation to your playing a sport, it is extremely important that you declare this when applying for any health insurance protection.

Failure to do so could be considered a breach of Utmost Good Faith and may cause the entire health insurance policy to be voided.

Athlete Accident and Disability Income Protection Insurance

Getting treatment for a serious injury is just the start, and while health insurance can help there are often more costs associated with overcoming serious damage caused by sports.

From an amateur rugby player breaking his arm and being unable to work in his day job of computer programming, to a professional footballer not being able to earn a job at their profession due to a broken metatarsal, a sports injury can be extremely detrimental to your financial stability if you, as an athlete are not prepared.

Fortunately there are insurance products designed specifically to meet the needs of individuals who have suffered an injury that either prevents them from working or necessitates that they have a large amount of money to make lifestyle payments.

Under Disability Income Protection in Hong Kong, if you are severely injured and either permanently or partially disabled leading you to be unable to perform your normal job duties then the insurance would provide you with a financial settlement. The exact extent of the disability, the length of time you must have been disabled, and the payment you will receive will vary depending on the insurance provider you choose to purchase a plan from.

Personal Accident Insurance is similar to Disability Income Protection, but typically has a much higher threshold for a claim. Personal Accident Insurance provides cover against things like:

• Serious Burns
• Accidental Death
• Loss of Hearing in one or both ears
• Paralysis
• Permanent Blindness
• Loss of a single limb
• Loss of multiple limbs

These outcomes are less likely to be encountered in sports, but are still entirely possible. Recovery in any of these instances will be incredibly difficult, and the financial assistance offered by a personal accident insurance policy can provide invaluable peace-of-mind.

Under both these types of insurance coverage it is still imperative that you declare whether you are an amateur or professional athlete as this will have a significant factor on your risk rating.

Sports Contingency Insurance in Hong Kong

If you’re organizing a sporting event, whether that’s a Dragon Boat festival, Athletics meeting, Equestrian Show, or even a simple rugby tournament, there are often many pre-paid expenses and liability risks that you need to consider. From mandatory Liability Insurance purchases if you’re using a government facility, to the risk that a spectator or passerby damages your production materials and audio equipment, there is a lot that can go wrong on the day of any big event.

But possibly the biggest risk is that the sporting event gets cancelled all together.

Contingency Insurance options are available specifically designed for the needs of sporting event organizers. From weather forcing an abandonment, to the star team failing to appear for their game, there are myriad reasons why a Hong Kong sport event might be cancelled – but with Sports Contingency Insurance, as an organizer, you don’t really have to worry about them.

In addition to this, many Sports Event Insurance products are able to be tailored to meet the needs of your event. For example, it is possible (for non-motorized sports) to include personal accident protection for all participants. So, the organizer of a Marathon (for example), could ensure that they have covered their liability risk against any runner injuring themselves on the course by placing blanket accident insurance on everyone involved.

Sports Insurance Advice in Hong Kong

As stated before, sports insurance is not a “one-size-fits-all” insurance solution. In many cases, specifically for professional athletes, bespoke coverage solutions are required to ensure all risks are properly addressed and their career is properly insulated from many worst-case scenarios.

Due to this, CCW Global works with leading specialist providers around the world. Insurance underwriters like SportsCover, who have the superior knowledge and understanding to offer athletes the truly comprehensive coverage they require.

For more information about the specialist athlete insurance products offered by CCW Global in Hong Kong, or to receive a no-cost, no-obligation quotation, Contact Us today.

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