The UK government is introducing an insurance backstop to support the live events industry as it continues to be impacted by the pandemic.The $1BN (£750M) Live Events Reinsurance Scheme will see the government act as a ‘reinsurer’ – stepping in with a guarantee to make sure insurers can offer the products events companies require.This is a similar initiative to the Film and TV Production Restart Scheme, which has been crucial for the creative industry while producers have found it difficult to obtain traditional insurance across the last 12 months.
That scheme has supported 2.6BN (£1.9BN) worth of production on Brit shores to date.Significant live events have been able to go ahead over the last couple of months in the UK after a year of
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