As a result of the current uncertain international climate, insurance company AXA has given notice to terminate its insurance cover for the 2002 FIFA World Cup Korea/Japan™ on 11 November 2001, while also announcing that it will cooperate with FIFA to find a joint solution by the end of the month-long term of notice.

While acknowledging this situation, FIFA has emphasised that it has in no way reneged on any contractual obligations and all payments of insurance premiums due thus far (16.4 million CHF out of a total of 27.4 million CHF) have been effected on time. The world football governing body together with its insurance partners will now search for alternatives, while at the same time investigating the legal implications of this situation.

As recently as 2 October 2001 AXA had reaffirmed the validity of the insurance cover, in which the entire cancellation insurance package amounts to approximately 1.4 billion CHF.

The staging of the 2002 FIFA World Cup™ in Korea and Japan is in no way endangered by this development.