Yes Virginia, There Will Be a Super Bowl If TRIA Fails
The last minute push for renewal of the Terrorism Risk Insurance Act (TRIA) before is sunsets on December 31 has included the a rising internet meme that the National Football League (NFL) could cancel Super Bowl XLIX in the face if evaporating reinsurance cover.
Despite its popularity the theory is false, according to the NFL.
“That is not accurate,” said an NFL spokesman in response to an email question.”The Super Bowl will be played.”
Cancelling the Super Bowl was a argument first created by researchers Howard Kunreuther and Erwann Michel-Kerjan of the Wharton Risk Center in Philadelphia. Arguing that other sports leagues have faced similar situations (World Cup organizer FIFA in 2006), the authors said that there “is a chance” that the U.S. football championship will not be played. “There is considerable money at stake for the organizers of Super Bowl and for NBC which will televise the game,” the article published on Bloomberg View says. “No insurance, no game. ”
A spokesman for the NFL declined to detail how they would address terrorism coverage issues — or discuss the details of its insurance or risk management practice — other than to say the game will be played.
The NFL has been a strong supporter of TRIA renewal, joining a Washington DC lobbying push supporting the legislation.
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