Australia’s biggest live events and music groups have called for a Government-backed insurance scheme after the UK’s plan was announced last week.
Live Performance Australia, Live Entertainment Industry Forum and the Australia Festival Association are among those calling for the scheme to match the Live Events Reinsurance Scheme announced by UK Chancellor Rishi Sunak. The UK scheme is a partnership between the Government and Lloyd’s of London insurers, which puts in place policies issued by commercial insurers to live events which include festival and business events as they are open to the public.
The groups noted that similar Government-backed schemes are also in place in Germany, Australia, Norway and Denmark.
Annabelle Herd, chief executive officer of ARIA (Australian Recording Industry Association), PPCA (Phonographic Performance Company of Australia), said: “The UK Government-backed scheme is a template for Australia’s Commonwealth, State and Territory Governments to provide much-needed confidence to our live music industry following waves of cancellations and lost revenue.
“We need the confidence that this provides. Without a scheme like this, it is going to be a very quiet and sad summer.”
Live Performance Australia chief executive, Evelyn Richardson, added: “The UK example shows there is a solution that can be developed in conjunction with industry on commercial terms. We’re not looking for a handout, promoters are willing to purchase an insurance product.
“A scheme underwritten by government just makes it viable for insurers to put policies in the market.”