The UK Government says that nearly three million people are expected to have attended events supported by the Government’s Live Events Reinsurance Scheme by the end of summer 2022.
Launched in August 2021 and set to close this September, the scheme has supported almost 15,000 jobs and 150 events, including Wimbledon, The BRIT Awards and Virgin Radio’s Big Thank You Tour.
UK live events sector is worth more than £70 billion annually to the economy and the government hopes to see it bounce back this year by giving organisers the confidence to invest in future events despite COVID-related risks.
The Government acted as a reinsurer and guaranteed to make sure insurers offered products to event companies.
Prominent insurers in the Lloyd’s Market including Munich Re, Beazley, Arch, Dale Underwriting Partners, Hiscox and Ark are carriers of the scheme.
The scheme has already provided well over £100 million worth of cover – supporting more than £400 million of investment.
“The UK is a rich cultural hub and puts on some of the best arts, sporting and music events across the globe,” saidChancellor of the Exchequer, Rishi Sunak
“Our Live Events Reinsurance Scheme backed these events, enabling them to take place in the midst of uncertainty caused by the pandemic – helping to support nearly 15,000 jobs and over £400m of investment.”
Arts Minister Lord Parkinson of Whitley Bay also commented: “This summer the public can look forward to a packed schedule of live events in sport, culture and business thanks to Government support for the live events sector and the incredible resilience and ingenuity of the people who work in it.”
“While it is right that the Live Events Reinsurance Scheme is being wound down as we bounce back from the pandemic, I am proud of the role it played in getting the live events sector back on its feet.”
“Event cancellation due to covid was an uninsurable risk everywhere in the world,” added Patrick Davison, underwriting director, Lloyd’s Market Association.
“No one would touch it,” he explained. “But in co-operation with the LMA and Her Majesty’s Government – without whose support the scheme could not have been possible – specialist underwriters at Lloyd’s were prepared to innovate in support of the UK events industry, to get the country back on an even keel. I am proud of their willingness to risk their own capital to build confidence in the events sector and help restore the economy.”
“There are strong signs the vital events sector is bouncing back, with a full programme of concerts, music festivals, sporting competitions and other events throughout the summer. This is thanks to a number of successful Government policies such as the Events Research Programme and world-leading levels of support committed through the £1.57 billion Culture Recovery Fund.”