Germany is a shoo-in for the current soccer World Cup – according to a Lloyd’s assessment of teams’ insurable values.

The three-times champion ranks highest in research conducted with the Centre for Economics and Business Research, which tips a Germany-Spain final.

The combined value of the cup’s 32 teams is £6.2 billion ($11.2 billion), Lloyd’s says.

Germany’s insurable value is estimated at £641.2 million ($1.16 billion), followed by Spain on £590.1 million ($1.07 billion), England at £550.1 million ($994.58 million) and Brazil on £448.3 million ($810.53 million).

The Australian team ranks 24th, with an insurable value of £66.6 million ($120.41 million).

“It is incredible to see how much some of the teams playing in Rio are worth,” Marco Castro from Lloyd’s Brazil said.

The top three teams are worth more than the 20 bottom teams combined, and a single England player has a greater value than the Costa Rica squad, which ranks last at £18.3 million ($33.09 million).

The researchers used players’ wages, endorsement deals and additional indicators to build an economic model estimating incomes until retirement. The projections allow insurable values to be calculated according to player age, playing position and nationality.

The research shows Group G (Germany, Portugal, Ghana, US) is the toughest group, with a combined value of £1.2 billion ($2.17 billion), and Group C (Colombia, Ivory Coast, Japan, Greece) the easiest at £340 million ($614.72 million).

In the FIFA’s world rankings Spain is top, ahead of Germany.