The International Olympic Committee (IOC) is in talks with the insurance company for compensation due to the postponement of the Tokyo Olympic Games. Pierre Ducrey, IOC's director of operations for the Olympic Games said on Thursday that an 'open discussion' is underway with insurance brokers.

Ducrey said, "The aim is to try to fix the right amount of compensation to help bear the expenses due to postponement. The IOC pays for the loss in the event of a cancellation, but it is not yet clear whether the insurance policy also provides compensation for postponement of the Games by a year due to the coronavirus."

According to the annual accounts, the IOC had taken an insurance policy of Rs 1.44 crore to compensate for the loss due to the cancellation of the Rio de Janeiro 2016 Games. The IOC had last month placed $ 650 million for additional expenses due to the postponement of the Games.

IOC member John Coates, who oversees Tokyo's preparations, said in Australia a few weeks ago that the Tokyo Olympics is facing 'real problems' and a big reason behind it is the numbers involved. 15400 Olympics and Paralympics players will participate in it, while staff, officials, media and 80,000 volunteers will also join it.