£800 million Reinsurance Scheme opens for live events
The government has opened a £800 million Reinsurance Scheme to cover live events against cancellations stemming from the COVID-19 pandemic.
The live events sector is worth more than £70 billion annually to the UK economy and supports more than 700,000 jobs, including small businesses and the self-employed.
The UK Live Events Reinsurance Scheme 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.
The government has partnered with Lloyd's Market Association to deliver the scheme as part of its Plan for Jobs.
The scheme will see the government act as a 'reinsurer', stepping in with a guarantee to make sure insurers can offer the products events companies need. The scheme is available from 22 September 2021 and will run until the end of September 2022.
Chancellor Rishi Sunak said:
'The events sector supports hundreds of thousands of jobs across the country and as the economy re-opens, we're helping events providers and businesses plan with confidence right through to next year.'
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