Football fans watching this year’s FIFA World Cup may be surprised to learn the world’s most watched sporting event is also one of the most heavily insured.

Insurance coverage for the 2010 World Cup now under way in South Africa comes to more than £6.2 billion ($10.8 billion), including event property, contingency and liability coverage, with player protection policies alone worth tens of millions of dollars.

Lloyd’s underwriter Beazley says top players at the peak of their careers can be insured for around £50 million ($98 million), with most of the premium covering sports disability, accidental death and total and permanent disablement.

Some players fetch an even higher price. For example, the legs of Portuguese striker Cristiano Ronaldo are reportedly insured for £90 million ($157 million).

The World Cup also represents a big investment for big business. Sportscover underwriter Chris Nash says contingency coverage for the event plays a large part.

“Competitions offer prizes, sponsorship, broadcast rights,” he said. “It’s impossible to know how many there are, but all companies with these financial implications need coverage.