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Reading: Taylor Swift’s Concerts Cancellation Stir Financial Turmoil for Insurers
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Taylor Swift
PhotoNews Pakistan > Business > Taylor Swift’s Concerts Cancellation Stir Financial Turmoil for Insurers
Business

Taylor Swift’s Concerts Cancellation Stir Financial Turmoil for Insurers

Web Desk
By Web Desk Published August 13, 2024 1 Min Read
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American Singer Taylor Swift. Photo Credits: NBC
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Taylor Swift’s concerts in Vienna, Austria, scheduled for last Thursday, Friday, and Saturday, were cancelled due to a government-confirmed threat of a terrorist attack linked to ISIS.

The cancellation has placed significant financial pressure on the insurance companies, as they must cover substantial losses from the aborted events.

The concert promoter, Barracuda Music, has committed to refunding all tickets within 10 days. This will involve substantial sums that will heavily impact the insurers.

Insurers face millions of dollars in claims after a foiled attack forced three Taylor Swift concerts in Austria to be canceled, though several providers will share out the hit, two people involved in insurance for her tour told @Reuters. More here: https://t.co/b7zItxQVyD pic.twitter.com/OV4vMQ2f2b

— Reuters Showbiz (@ReutersShowbiz) August 9, 2024

The cancellation followed the arrest of two individuals in Austria who were connected to the threat last Wednesday. A 19-year-old, arrested in Ternitz and found with various chemicals at his residence, had pledged allegiance to ISIS. Another suspect was detained in Vienna. Both were reportedly radicalized online and had concrete plans for the attack.

An anti-terror operation initiated on Wednesday in Ternitz led to evacuations and roadblocks, reflecting the severity of the threat and the swift response by Austrian authorities to prevent potential harm.

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