When we think of the Olympics, the last thing on most of our minds is insurance, but until the morning of August 20th, there was a very real possibility that Chinese hurdler Liu Xiang might make a claim against his 100 million yuan (roughly $14.5 million US) policy after being forced to pull out of the Beijing games because of an injury.
According to an official from the Chinese Track and Field team, however, Liu decided not to file a claim with his insurance carrier, Ping An Insurance Co., which sold him a personal accident policy last October, soon after he was made the company’s sporting ambassador (part of an Olympic-themed advertising promotion).
Chinese Track and Field Management Center representative Liu Je, the manager for athletic commercial development, told the press “We will not ask for money from Ping An. Our priority is to treat Liu Xiang’s injury.
The 25-year-old athlete, who became one of China’s most prominent athletes after winning his country’s first Olympic gold medal in track in Athens in 2004, pulled out of the first heat of the men’s 100-meter hurdles on Monday, explaining that pain from a foot injury was too much to tolerate.
Sheng Ruishing, a spokspeson for Ping An, said that while their policy did cover accidents, if Liu eventually decides to file a claim, “we would need to carefully study the articles of the insurance and see if his injury was covered by the articles.