The Department for Digital, Culture, Media & Sport (DCMS) said its Live Events Reinsurance Scheme, which has been widely criticised by the outdoor events industry, has provided more than £100m worth of cover.
DCMS said the scheme is supporting more than £400 million of investment and protecting almost 15,000 jobs.
Among this year’s events backed by the Government scheme are Wimbledon Championships 2022, The BRIT Awards, Birmingham’s Spring Fair, Virgin Radio’s Big Thank You Tour and the London Art Fair. It has also supported community events such as the Shaftesbury Book Fair, the Cardiff Half Marathon and the Gloucester Quays Christmas Outdoor Ice Rink.
The scheme has been repeatedly described as not being fit for purpose, with festival organisers not taking it out due to its limited scope. Among the key complaints has been that the scheme does not cover against the impact of a key person, such as an artist, getting Covid.
The scheme, which closes on 30 September, sees the Government act as a reinsurer and guarantor to encourage insurers to offer products to event companies. Prominent insurers in the Lloyd’s Market including Munich Re, Beazley, Arch, Dale Underwriting Partners, Hiscox and Ark are carriers of the scheme.
Lloyd’s Market Association underwriting director Patrick Davison said the reinsurance scheme has supported events across the country: “In the West Midlands, events totalling £13 million in spend have been covered, including the National Running Show and MACH 2022 at Birmingham’s National Exhibition Centre. More than £3 million has been spent towards events in the North West, including Virgin Radio’s Big Thank You Tour and the Federation of Small Businesses Awards.”