The UK government has announced the official launch of its Live Events Reinsurance scheme worth over £800m to cover Covid-related cancellation costs for live events.
The scheme, which was first announced in August, will support live events across the country, such as concerts and festivals, conferences and business events that are at risk of being cancelled or delayed due to an inability to obtain Covid-19 cancellation insurance.
It will be available from 22 September 2021 and run until the end of September 2022.
The government stated that it had partnered with Lloyd’s Market Association to deliver the scheme as part of the Plan for Jobs, and will see the government act as a “reinsurer”, stepping in with a guarantee to make sure insurers can offer the products events companies need.
Rishi Sunak, chancellor of the exchequer, said: “The events sector supports hundreds of thousands of jobs across the country and as the economy reopens, we’re helping events providers and businesses plan with confidence right through to next year.
“It’s great to launch the scheme today, giving our fantastic events sector a boost, helping the economy, and protecting livelihoods through our Plan for Jobs.”
Sheila Cameron, chief executive, Lloyd’s Market Association, added: “The Lloyd’s Market Association, together with its insurer members, have worked collaboratively with HM government to ensure the live events sector has the confidence to re-open and create value for our economy.
“Lloyd’s syndicates remain resolute in designing creative solutions, such as the live events reinsurance scheme, that will give the events sector the confidence to realise its ambitions.”