Sunak's live events insurance plan – at last
The government has announced a £750m insurance scheme for live events, something the industry has been calling for since the pandemic began.
The sector had been knocked back by insurers’ reluctance to cover events making planning next to impossible, and there have been continued calls for government intervention.
The live events sector which ranges from festivals to conferences is worth £70bn a year to the economy and employs 700,000, including freelances and small businesses.
Chancellor Rishi Sunak said the Live Events Reinsurance Scheme is a partnership with Lloyd’s in which the government steps in with a guarantee to make sure insurers can respond. It will cover costs incurred in the event of cancellation due to government Covid restrictions. Insurers in the Lloyd’s market including Arch, Beazley, Dale, Hiscox and Munich Re are supporting the scheme which will allow companies to buy cover from next month, alongside standard commercial events insurance, giving them the reassurance they need to plan ahead while also ensuring value for money for taxpayers
“The events sector supports hundreds of thousands of jobs across the country, and I know organisers are raring to go now that restrictions have been lifted” Sunak said. “But the lack of the right kind of insurance is proving a problem, so as the economy reopens I want to do everything I can to help events providers and small businesses plan with confidence right through to next year.
“We have some of the best events in the world here in the UK – from world-famous festivals to your local fair. With this new insurance scheme, everything from live music in Margate to business events in Birmingham can go ahead with confidence, providing a boost to the economy and protecting livelihoods through our Plan for Jobs.”