FIFA to get new insurance deal

Insurers AXA expect to reach a new agreement with world soccer's governing body FIFA on cover for the 2002 World Cup after cancelling…

Insurers AXA expect to reach a new agreement with world soccer's governing body FIFA on cover for the 2002 World Cup after cancelling a deal following the attacks in the United States, the company said yesterday.

The French group's German unit Axa Colonia, which leads a consortium of international insurers providing cover for the tournament in South Korea and Japan, cancelled its existing contract with FIFA with a month's notice on Thursday.

"We expect there will be a new agreement in one form or the other," an Axa Colonia spokeswoman said. "The parameters have changed so this could work through into higher premiums but it's still too early to say."

Axa said the risk that the event would have to be called off had increased significantly since the September 11th attacks.

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