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Friday 13th March 2009: 16:58

Promoters for Michael Jackson struggle to arrange full cancellation policy

Promoters of Michael Jackson's sell-out set of concerts in London could lose hundreds of millions if the star is forced to cancel his shows, Reinsurance has learned.

Insurance sources told Reinsurance  that the appetite to cover the risk was low after the tour was extended, because of worries over Jackson's health. Although the company said that it has managed to secure cover for the first ten concerts- reportedly worth about £80m, the rest of the dates- which will reportedly bring the cover to over £300m, has not gained the same sort of traction in the market.

It is not known who has covered the first dates at the arena.

Jackson is performing around 40 concerts at London's O2 Arena, in London later this year.

AEG Live may have to cover the risk themselves should the insurers not be willing to take on the risk - although that is yet to be confirmed. 

Sources said that the deal is being brokered by Robertson Taylor, who could not be reached for comment.

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