Cadence Wealth Limited is an appointed representative of Quilter Financial Planning Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Planning Limited and Quilter Mortgage Planning Limited are entered on the FCA register under reference 440703 and 440718. Registered in England and Wales, No: 10040034. Registered address:The Tanneries, 55 Bermondsey St, London, SE1 3XJ
Why We Developed Our Global Cricket Insurance
By MITCHELL LIVINGSTONE
Insuring against the risks involved in sports has never been more important. The amount of money now at stake, the scale of the tournaments around the world and the workload on sportspeople have all helped elevate the risks associated with professional sport.
Due to the monies earned by today’s athletes, it is no longer worth taking the risk of being injured, or worse, and missing out on the vast financial rewards of the modern era.
A number of agents that we work with in cricket have approached us to design a form of protection against injury for their players playing in overseas tournaments, with the IPL being the biggest focus. We have developed this over the last 18 months, working with the biggest underwriters and insurers in sport to complete the product in time for this year’s tournament. During the development period we have established a bespoke insurance service across sport to make sure that the various players whose wealth we manage directly, and the players that we assist agents with, are suitably protected.
The focus, especially in the last 12 months, has been on preparing insurances for players in the IPL, so that if they do suffer injury either in the games beforehand, in the lead up to the tournament starting or the tournament itself they can still receive payment and don’t lose out on their earnings, as most players earn more in an eight-week period playing in the IPL compared to their income for the rest of the season.
The most recent Global Sports Salary survey, published by Sporting Intelligence (https://globalsportssalaries.com/GSSS%202018.pdf), estimated that cricketers in the IPL earn more per match than players in any other sport around the globe. Surprisingly to most, earnings per game in the IPL exceed the NFL and Premier League. The survey reported that IPL players earned an average of £274,624 per game, while NFL and Premier League players earn £138,354 and £78,703 respectively.
This year we put in place our first IPL Insurance contract, covering Quinton de Kock for his international build-up and duration of the tournament, leaving him free to play with a clear mind because as a professional sportsperson, financial implications from injuries are something that you shouldn’t have to worry about. Quinton is playing for the Mumbai Indians who are currently third in the 2019 standings, looking to secure a playoff spot in this year’s competition. The South African opener has been in exhilarating form throughout the IPL having scored 378 runs and taken 12 catches in 10 games. His explosive approach will no doubt be instrumental in taking Mumbai all the way in 2019.
‘Thanks to Cadence Wealth for putting in place my IPL Insurance for this year’s tournament. Knowing that I am protected against injury I can focus on what I do best – playing cricket.’
Quinton de Kock, South African opening batsmen
After only positive feedback from players and agents, we will continue to market and offer this product for the years to come. Outside of the IPL we can find cover for all types of insurances regardless of the continent you are playing on, including career ending, which is also of utmost importance in terms of protecting sportsmen and sportswomen’s careers without being forced to retire prematurely.