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Crocked Chinese hurdler set for golden insurance payout

Chinese Olympic hero Liu Xiang is set to claim an insurance policy worth RMB100 million ($17 million) after he was forced to withdraw from the 110-metre hurdles through injury.

The world and Olympic champion was heavily favoured to repeat his Athens gold medal success but an aggravated Achilles tendon injury forced him to withdraw from the event during first round heats.

Insurance giant Ping An is expected to hand over a payout of RMB100 million from an insurance policy it gifted the athlete as part of a sponsorship arrangement.

Sportscover MD Peter Nash told insuranceNEWS.com.au such policies are a normal arrangement and claims are typically successful if an athlete is injured during competition.

“Consider the American ‘Dream Team’ who have NBA contracts,” he said “The policy primarily covers lost income and medical expenses and in extreme cases covers capital outcomes such as when someone is seriously injured or dies.”

Sportscover is a major Lloyd’s syndicate for sports insurance and is involved in insurance arrangements for a number of Australian and international athletes at the Olympics, including Mr Xiang.