- The UK Live Events Reinsurance Scheme will give events
the confidence they need to plan through to summer 2022
- The Scheme will support live events across the country
- such as concerts and festivals, conferences and business
events - that are at risk of being cancelled or delayed due
to an inability to obtain Covid-19 cancellation insurance
Chancellor and
Culture Secretary have
today opened the scheme worth over £800 million to reinsure
live events against Covid-related cancellation.
The live events sector is worth more than £70 billion
annually to the UK’s economy and supports more than 700,000
jobs, including small businesses and the self-employed.
This intervention will support the UK’s economic recovery
from the Covid-19 pandemic by giving events the confidence
they need to plan for the future, whilst also ensuring that
we deliver value for money for taxpayers.
The UK Live Events Reinsurance Scheme is one of the only
insurance schemes in the world to cover such a wide array
of live events and without putting a cap on costs claimed
per event.
The government has partnered with Lloyd’s Market
Association to deliver the scheme as part of the Plan for
Jobs. The scheme will see the government act as a
‘reinsurer’ – stepping in with a guarantee to make sure
insurers can offer the products events companies need.
Insurers Munich Re, Beazley, Arch, Dale, and Ark are
carriers of the scheme with more firms coming on board in
the weeks to come.
The scheme will be available from 22 September 2021 and run
until the end of September 2022. It comes on top of the
extensive support already given to the cultural sector,
including the £2 billion Culture Recovery Fund and the £500
million Film and TV Production Restart scheme. The latter
has supported over 785 productions and more than 67,000
screen sector jobs in the last 12 months.
Chancellor of the Exchequer said:
The events sector supports hundreds of thousands of jobs
across the country and as the economy reopens, we’re
helping events providers and businesses plan with
confidence right through to next year.
It’s great to launch the scheme today, giving our
fantastic events sector a boost, helping the economy, and
protecting livelihoods through our Plan for Jobs.
Culture Secretary said:
The pandemic has been a unique challenge to live events,
from gigs to business conferences. It’s a huge relief
that so many are now back up and running, but it is
crucial that they can also plan for the future with
confidence and this scheme helps them do exactly that.
With the sector contributing over £70 billion annually to
our economy, it is right that we do all we can to support
it and the talented people that work in it.
Michael Hirst OBE - Chair, Events Industry Board said:
The Live Events Reinsurance Scheme provides a much needed
boost to event organisers to plan future events with
greater confidence. Both business and leisure events are
set to play a major role in the recovery of the UK
economy and event organisers are eager to take advantage
of growing demand and optimise business opportunities.
This welcome initiative from Government will ensure the
remaining schedule of events for 2021 and those planned
for 2022 can go forward with greater certainty.
Sheila Cameron, Chief Executive, Lloyd’s Market Association
said:
The live events reinsurance scheme demonstrates the
innovative spirit for which the Lloyd’s market is
globally renowned. The Lloyd’s Market Association,
together with its insurer members, have worked
collaboratively with HM government to ensure the live
events sector has the confidence to re-open and create
value for our economy. Lloyd’s syndicates remain resolute
in designing creative solutions, such as the live events
reinsurance scheme, that will give the events sector the
confidence to realise its ambitions.
NOTES TO EDITORS:
The scheme rules can be found here.
