£750 million government-backed insurance scheme boosts live events sector

Chancellor Rishi Sunak has announced a £750 million insurance scheme, in a move that will support the beleaguered live events sector as it recovers from the effects of a year of lockdowns.

The government has partnered with Lloyd’s to deliver its new Live Events Reinsurance Scheme, which will see the government act as a ‘reinsurer’, meaning it will step in with a guarantee to make sure insurers can offer the products events companies need.

The Treasury said: 'This scheme will support live events across the UK that are open to the general public. It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to government Covid restrictions.'

Deborah Annetts, ISM chief executive, said: 'The introduction of a government-backed reinsurance scheme is an enormously positive step and musicians will breathe a sigh of relief today. We have world class performers in our country and this support means that they should be able to get back to what they do best, entertaining live audiences once more. 

'It has always been clear that the live events sector would be unable to return to anything like its previous strength without reinsurance support, which begs the question, why did the government not come forward with this support earlier and prevent our sector missing out on months of planning after an incredibly difficult period.

'The creative industries have pulled together and campaigned tirelessly for this important scheme, and while we’ll examine the details closely, we’re delighted that the government has listened and delivered.'

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