The restarting of live events due to the lull in coronavirus restrictions poses a new risk landscape for organisers, according to Allianz Global Corporate & Specialty (AGCS).
The firm said in a statement that it was seeing increasing demand for live events following the end of lockdowns and restrictions.
However, it said that there were a number of issues. One of these was staff shortages.
Michael Furtschegger, global head of entertainment at AGCS, said: “Staff shortages can become a particularly acute problem when it comes to safety personnel. In some cases, it can mean that authorities won’t allow an event to take place. In terms of other safety-critical tasks, organizers need to make sure they properly vet vendors and contractors to ensure the event is run professionally.”
In addition to staff shortages, Furtschegger said that resource constraints could also become a problem for the industry.
He added: “As more performances take place and productions run in parallel, the demand for touring equipment increases, often rented from rental companies with limited resources. Ideally, this requires thorough planning for equipment purchases. ”
In addition, the many new festivals that are currently emerging require a new risk assessment.
Furtschegger said: “The industry is innovative; in recent years we have seen successful events in new venues such as the old Tempelhof Airport in Berlin, which have been put to new uses by live events. Organizers of established festivals like Coachella in the U.S., Tomorrowland in Belgium or Rock am Ring in Germany will be relatively familiar with the risks of their venues; new and untested venues, however, require a different risk assessment.”
Despite some of these challenges, the entertainment industry is optimistic about the future.
Furtschegger said: “I am confident that the live entertainment events sector will continue to flourish as it has this summer. I believe their ingenuity, creativity and energy will lead them into a bright future.”