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Live Events Reinsurance Scheme protects 15,000 jobs and supports 150 events

The UK Government has said that almost 15,000 jobs and more than 150 events have been supported by its Live Events Reinsurance Scheme, which was launched during the COVID-19 pandemic.

The scheme closes in September, but has offered aid to a number of events on the British calendar including The Brit Awards, Virgin Radio’s Big Thank You Tour and this summer’s Wimbledon tennis championships.

The Government has also said that nearly three million people are expected to attend events supported by the scheme by the end of summer.

When the scheme was initially launched last year, the move was welcomed by the live events industry, though there was some scepticism around gaps in the cover available to provide real security.

The scheme allowed for cover to be purchased against the cancellation, postponement, relocation or abandonment of events due to any COVID-19 restrictions. The Government acted as a reinsurer and guaranteed that insurers offered products to event companies. Insurers in the Lloyd’s Market included Munich Re, Beazley, Arch, Dale Underwriting Partners, Hiscox and Ark.

The Government said that over £100m ($126m/€117m) worth of cover had been provided, protecting £400m worth of investment and almost 15,000 jobs.

Other events across the UK include Birmingham’s Spring Fair, the London Art Fair, the Shaftesbury Book Fair, the Cardiff Half Marathon and the Gloucester Quays Christmas Outdoor Ice Rink.

The UK’s Chancellor of the Exchequer Rishi Sunak 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 Lord Parkinson of Whitley Bay added: “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.”

The live events sector in the UK is worth more than £70bn annually to the economy, according to the Government.

Image: Liam Shaw on Unsplash