Nearly three million people are expected to have attended events
supported by the Government’s Live Events Reinsurance Scheme by
the end of the summer.
The scheme, which closes in September, has paved the way for a
busy summer events season, giving event organisers the confidence
to invest in future events - safe in the knowledge they can
insure against the most severe coronavirus-related risk,
providing job security and boosting the economy.
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 and
protecting almost 15,000 jobs, keeping the economy moving and
driving growth across the country.
Events supported across the UK include national set-piece events
such as Wimbledon, The BRIT Awards, Birmingham’s Spring Fair and
the London Art Fair. It has also supported important community
events such as the Shaftesbury Book Fair, the Cardiff Half
Marathon and the Gloucester Quays Christmas Outdoor Ice Rink.
Chancellor of the Exchequer, said:
The UK is a rich cultural hub and puts on some of the best arts,
sporting and music events across the globe.
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 of Whitley Bay said:
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.
Virgin Radio UK content director, Mike Cass said:
The Virgin Radio UK Big Thank You Tour was one big rock star
thank you to our key workers for everything they have done for us
all during the pandemic.
The Live Events Reinsurance Scheme meant we could reschedule the
tour for when it was safe to go ahead and ensure our key worker
heroes were properly thanked by the best names in the business
with three evenings of great music.
Patrick Davison, underwriting director, Lloyd’s Market
Association, said:
Event cancellation due to covid was an uninsurable risk
everywhere in the world. No one would touch it. 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.
The Live Events Reinsurance Scheme has supported events across
the country and in all four nations of the UK. In the West
Midlands, events totalling £13 million in spend have been
covered, including the National Running Show and MACH 2022 at
Birmingham’s National Exhibition Centre. More than £3 million has
been spent towards events in the North West, including Virgin
Radio’s Big Thank You Tour and the Federation of Small Businesses
Awards.
As the risk posed to events by Covid-19 has been significantly
reduced thanks to the success of the Government’s vaccination
programme, the reinsurance scheme is scheduled to end as planned
on 30 September in line with the Government’s Living with Covid
plan.
Ends
Notes to editors:
Testimonials:
Sally Bolton, Chief Executive, All England Tennis Club, said:
The AELTC welcomes the support of the Live Events Reinsurance
Scheme in relation to The Championships 2022.
Mike Seaman, CEO Raccoon Events, Organiser of the National
Running Show, said:
The pandemic was a difficult time for us as exhibition
organisers. The reinsurance scheme gave us the confidence to
delay any decision about postponing our event until the situation
had improved markedly. We are a small business and could not have
done this without the backing of the government and the net
result was that we brought 20,000 people together, promoting
exercise, improving mental health and stimulating trade, all as a
result of the reinsurance scheme.
