The Government has revealed the value of live events covered by its Live Events Reinsurance Scheme for the first time.
In total only 168 events nationwide were covered, with policies valued at a total of £117m, the Government’s Department for Culture, Media and Sport (DCMS) has said.
More than 14,000 jobs were supported by the events covered, they said – with an anticipated total audience of 2.8m attendees.
It is the first time since the Government launched the scheme in September that the DCMS has released any statistics on its take-up. However the Government has still provided no information on the value of payouts under the scheme, branded “inadequate” by many events organisers.
EN has repeatedly asked the DCMS for data on the take-up and effectiveness of the scheme.
In publishing data after six months of implementation, DCMS said: “The delivery partner for the Live Events Reinsurance Scheme provides DCMS with a monthly data pack reporting against a number of metrics on scheme delivery including policies bound, sums insured, premiums and claims. A selection of these are shared and defined. All data is cumulative and as the scheme is live, policies are being written on an ongoing basis. The data reported here was reported to DCMS as of 16 May 2022.”
The total value of cover written under the scheme to date is £117m – which includes both events that have already take place and some still due to be held.
However events covered by the scheme are worth more than £400m – showing even those taking out policies were not covering the entire value of their events.
A geographic breakdown showed 49% of the events covered (69) were based in London. A further 20 individual events (or 12%) were in the West Midlands.
EN has again asked the DCMS for the value of claims paid.
The scheme, designed specifically for the live events industry, was tipped to be worth £750m when initially announced by Chancellor Rishi Sunak last August.