Government-backed insurance scheme to give boost to events industry

The live events sector is set to get a boost with a world-leading government-backed insurance scheme worth over £750 million, which will help them plan events with confidence through to next year, Chancellor Rishi Sunak said on August 5.

As the economy reopens with the lifting of Covid restrictions, getting the right kind of insurance is acting as a barrier for some events organisers.

The government has now partnered with Lloyd’s to deliver the Live Events Reinsurance Scheme as part of the Plan for Jobs. The scheme will see the government act as a ‘reinsurer’ and stepping in with a guarantee to make sure insurers can offer the products events companies need.

The live events sector is worth more than £70 billion annually to the economy and supports more than 700,000 jobs, including small businesses and the self-employed.

Chancellor of the Exchequer Rishi Sunak said, “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. 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,” he added.

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