Home NEWS The Meetings Industry Association welcomes £750m Live Events Insurance Scheme

The Meetings Industry Association welcomes £750m Live Events Insurance Scheme

Aug 10, 2021

“The recognition of the business meetings and events sector in this scheme is a total acknowledgement of the role it has in supporting the UK’s economic recovery.”

The Meetings Industry Association (mia) has welcomed the introduction of an insurance scheme for the live events sector, recognising the scheme as a long-awaited intervention that will ultimately drive a return of confidence.

The £750m government-backed scheme, which will run from September 2021 until the end of September 2022, will enable event organisers to purchase un-capped cover for events unable to happen due to COVID restrictions enforced by government.

uk_events_industry — Photo Credit: Canva Pro/Pexels

Jane Longhurst

Chief Executive of mia

Jane Longhurst said: “While venues have been flexible to mitigate the impact of COVID-19 on business, introducing more flexible booking terms in the process, the lack of appetite and commitment from event organisers amidst the ongoing uncertainty has been causing significant delays in the sectors recovery.”

“Through our ongoing surveillance of the industry we’re acutely aware of the impact the Live Events Reinsurance Scheme will have on the sector, with almost two-thirds of venues (61%) surveyed in August 2020 highlighting the need for this to be introduced.”

“In the same year, almost all venues (92%) had zero cover for their lost business, of which for the average venue was a significant £2,398,600, so we’re delighted that the scheme has been introduced to support the recovery of the sector.”

“Providing reassurance to risk-averse event organisers will be critical in the return of more recognisable booking numbers and the stimulation of the sector’s circular economy, benefitting venues, hotels, destinations, caterers and a diverse range of suppliers within the supply chain.”

“The recognition of the business meetings and events sector in this scheme is a total acknowledgement of the role it has in supporting the UK’s economic recovery, and we’re confident that the sector can now serve as a catalyst.”

Find out more at mia’s website