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Government announces 750 million euros insurance scheme for live events
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The government has partnered with Lloyd’s to deliver the ‘Live Events Reinsurance Scheme’ as part of the treasury’s plan for jobs. The scheme will see the Government act as a reinsurer, guaranteeing that any pay-outs will be funded. 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</div></header> <main id="site-main" class="site-main outer"> <div class="inner"> <article class="post-full post tag-events-services tag-uk-events-industry tag-hash-covid-19 tag-hash-news tag-event-industry "> <header class="post-full-header"> <nav> <ul class="breadcrumbs"> <li><a href="#" onclick="return goBack();"><span aria-hidden="true">←</span> Back</a></li> <li>/ Events Services</li> </ul> </nav> <h1 class="post-full-title">Government announces 750 million euros insurance scheme for live events</h1> <div class="post-full-byline"> <section class="post-full-byline-content"> <ul class="author-list"> <li class="author-list-item"> <div class="author-card"> <img class="author-profile-image" src="/content/images/size/w100/2021/03/IMG_20200822_173715.jpg" alt="Huriya Khan" /> <div class="author-info"> <h2>Huriya Khan</h2> <p>Read <a href="/author/huriyamk/">more posts</a> by this author.</p> </div> </div> <a href="/author/huriyamk/" class="author-avatar"> <img class="author-profile-image" src="/content/images/size/w100/2021/03/IMG_20200822_173715.jpg" alt="Huriya Khan" /> </a> </li> </ul> <section class="post-full-byline-meta"> <h4 class="author-name"><a href="/author/huriyamk/">Huriya Khan</a></h4> <div class="byline-meta-content"> <time class="byline-meta-date" datetime="2021-08-11">11 Aug 2021</time> <span class="byline-reading-time"><span class="bull">•</span> 2 min read</span> </div> </section> </section> </div> </header> <figure class="post-full-image"> <img srcset="/content/images/size/w300/2021/08/rishi-sunak.jpg 300w, /content/images/size/w600/2021/08/rishi-sunak.jpg 600w, /content/images/size/w1000/2021/08/rishi-sunak.jpg 1000w, /content/images/size/w2000/2021/08/rishi-sunak.jpg 2000w" sizes="(max-width: 800px) 400px, (max-width: 1170px) 1170px, 2000px" src="/content/images/size/w2000/2021/08/rishi-sunak.jpg" alt="Government announces 750 million euros insurance scheme for live events" /> </figure> <section class="post-full-content"> <div class="post-content"> <p>The UK Government has announced a 750 million euros insurance scheme designed specifically for the events industry to cover cancellations costs due to the coronavirus pandemic. The government has partnered with Lloyd’s to deliver the ‘Live Events Reinsurance Scheme’ as part of the treasury’s plan for jobs. The scheme will see the Government act as a reinsurer, guaranteeing that any pay-outs will be funded. The event companies will be able to avail the cover from September alongside standard commercial events insurance. Before the pandemic took hold, the UK events industry was worth more than 70 bn euros annually to the economy and supported more than 700,000 jobs, including small businesses and the self-employed. As the economy reopens, the reinsurance scheme will act as a sticking point for many event organisers.</p><p>In an official statement shared on twitter, chancellor 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 event providers and small businesses plan with confidence right through to next year.”</p><p>He goes on to state that the UK has “some of the best events in the world”, and that the new scheme would allow them to “go ahead with confidence.”</p><figure class="kg-card kg-embed-card"><blockquote class="twitter-tweet" data-width="550"><p lang="en" dir="ltr">Our new world-leading Live Events Insurance Scheme, worth over £750 million, will allow events companies across the UK to reopen shows, festivals and concerts with confidence. <a href="https://twitter.com/hashtag/PlanForJobs?src=hash&ref_src=twsrc%5Etfw&ref=intelligence.eventackle.com">#PlanForJobs</a><br><br>Learn more: <a href="https://t.co/Wtz2WudB8x?ref=intelligence.eventackle.com">https://t.co/Wtz2WudB8x</a> <a href="https://t.co/lW4UCFEqZc?ref=intelligence.eventackle.com">pic.twitter.com/lW4UCFEqZc</a></p>— HM Treasury (@hmtreasury) <a href="https://twitter.com/hmtreasury/status/1423558787621867525?ref_src=twsrc%5Etfw&ref=intelligence.eventackle.com">August 6, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </figure><p>The scheme will be available from 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 bn euros Culture Recovery Fund (CRF), and the 500 m euros Film and TV Production Restart scheme which has seen 610 independent film and TV productions and more than 50,000 screen sector jobs supported by the scheme in the last 12 months.</p> </div> </section> </article> </div> </main> <aside class="read-next outer"> <div class="inner"> <div class="read-next-feed"> <article class="read-next-card"> <header class="read-next-card-header"> <h3><span>More in</span> <a href="/category/events-services/">Events Services</a></h3> </header> <div class="read-next-card-content"> <ul> <li> <h4><a href="/news/the-london-ev-show-2022-is-all-set-to-take-place-in-nov-at-excel-london/">The London EV Show 2022 Is All Set To Take Place In Nov At ExCel London</a></h4> <div class="read-next-card-meta"> <p><time datetime="2021-12-23">23 Dec 2021</time> – 2 min read</p> </div> </li> <li> <h4><a 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is on track in</p> </section> </a> <footer class="post-card-meta"> <ul class="author-list"> <li class="author-list-item"> <div class="author-name-tooltip"> Huriya Khan </div> <a href="/author/huriyamk/" class="static-avatar"> <img class="author-profile-image" src="/content/images/size/w100/2021/03/IMG_20200822_173715.jpg" alt="Huriya Khan" /> </a> </li> <li class="author-list-item"> <div class="author-name-tooltip"> Azreen Khan </div> <a href="/author/azreen/" class="static-avatar"> <img class="author-profile-image" src="/content/images/size/w100/2020/12/IMG-20201203-WA0011-1.jpg" alt="Azreen Khan" /> </a> </li> </ul> <div class="post-card-byline-content"> <span><a href="/author/huriyamk/">Huriya Khan</a>, <a href="/author/azreen/">Azreen Khan</a></span> <span class="post-card-byline-date"><time datetime="2021-04-06">6 Apr 2021</time> <span class="bull">•</span> 1 min read</span> </div> </footer> </div> <div class="post-card-open-link"> <a target="_blank" 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