When we as a council insured the Lowestoft Air Show the premium was £25,000. I recall saying at the time that a premium of that size, although very small in relation to the potential claims nevertheless suggested that a degree of risk did exist. This incident certainly suggests that I was correct in that.
If that is a typical premium then I can only assume that the insurers are going to be extremely out of pocket on this and that the risk was very significantly greater than their actuaries calculated.