Written by Ivana Kovacevic
Chief Editor of Allianz SE
From the sacred arenas of Olympia, where myths and legends converge, athletes once competed in honor of Zeus. These ancient games, based on victory and heroic figures such as Herakles, have evolved into a global spectacle that transcends sport, time, and country. As we look ahead to Paris 2024, a recent report by Allianz Research highlights the social and long-term economic benefits this event can bring. The Paris 2024 Olympics and Paralympics promise to be more than just a sporting event—they are destined to be a catalyst for global unity and economic growth.
The power of participation: Health and well-being
The ancient Greeks understood the importance of physical fitness, embodied in the principle Νοῦς ὑγιὴς ἐν σώματι ὑγιεῖ (a healthy mind in a healthy body). This tradition of valuing health and well-being still exists today. Modern sports offer a unique opportunity to promote physical activity and improve public health. According to the World Health Organization (WHO), regular exercise can prevent non-communicable diseases and improve mental health. However, as Allianz researchers point out, levels of physical activity remain alarmingly low, with 23.7% of adults in the U.
Paris 2024 has the potential to change these trends. Inspired by Pierre de Coubertin's Olympic motto, "The important thing in life is not to win, but to fight," the Games have the power to spark a global movement toward a better life. An initiative to include 30 minutes of physical activity every day in French primary schools aims to instill healthy habits in 4.2 million students. Drawing inspiration from the Olympics and Paralympics could prevent nearly 500 million new cases of non-communicable diseases by 2030, saving global health systems around EUR 25.7 billion per year.
Empowering women through sports
In ancient Greece, the Games were only for men. However, modern Games have become a powerful platform for promoting gender equality. Research shows that sports can significantly increase women's self-confidence, perseverance, and teamwork skills—factors that translate to higher academic achievement and career success. A staggering 94% of women in C-suite positions have a background in sports, underscoring the profound impact of athletic participation on leadership development.
Paris 2024 continues this legacy, striving for gender equality in governance models and promoting women's leadership. The emphasis on equal media representation and economic opportunities for women in sport underscores the transformative power of the Olympics and Paralympics in driving social change.
A swimmer who competes in the Olympics
Commitment to sustainability
Paris 2024 sets new standards for sustainability, aiming to cut the carbon footprint of the Games by more than half—to 1.6 million tons of CO2—compared to the nearly 3.5 million tons of CO2 emitted during London 2012 and the Rio 2016 Games. This ambitious goal is supported by the use of 95 percent existing and temporary infrastructure, renewable energy sources, and environmentally friendly solutions such as an underground water cooling system. Post-Games, the Athletes' Village will be repurposed for low-carbon residential and commercial use, demonstrating a model of sustainable urban development.
The innovative approach of rotating the Winter Games between a few selected cities, as climate change limits suitable venues, also highlights developing strategies for hosting more environmentally conscious events.
Technological Innovation: The Next-Gen Olympics
The Olympic and Paralympic sports have always been at the forefront of technological development. From the introduction of automatic timing machines in 1896 to the use of computer technology in 1964, Games have evolved continuously. Paris 2024 will be no exception, using generative AI (GenAI) and emerging technologies to improve the experience for both athletes and the public.
Using "digital twinning" technology, planners can design and develop spaces in the digital world. AI-powered judging systems in gymnastics will provide fairer and more accurate evaluations, while advanced monitoring systems will ensure the safety of all participants and attendees. In addition, the integration of AI in talent assessment can democratize access to sports, providing equal opportunities for athletes from developing countries.
Economic impact: Developments in GDP and beyond
Paris 2024 is expected to increase France's GDP by EUR 10 billion, tourism alone contributing EUR 1.8 billion. The influx of visitors—expected to reach a record 95.2 million by 2024—will greatly benefit the tourism and travel industry. In addition, the Games will generate EUR 8.3 billion through infrastructure and organizational funds, with significant investment from public and private sector experts.
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