Festivals For Britain As Events Get $1 Billion COVID Reinsurance Cover

The British government-backed reinsurance scheme will cover live events against cancellation risk due to the COVID-19 pandemic.

Britain launched a government-backed reinsurance scheme totalling more than 750 million pounds ($1 billion) on Thursday to cover live events against cancellation risk due to the COVID-19 pandemic, after intense industry lobbying. Insurers stripped coronavirus cover from event cancellation policies after the pandemic took hold last year, prompting top entertainment industry figures such as Andrew Lloyd-Webber to demand a government-backed scheme to enable events to go ahead. Festivals, concerts and exhibitions have already suffered cancellations due to the lack of insurance during the pandemic, despite intensive efforts to limit the health risks for performers, events staff and ticket holders. Music festival Womad cancelled its July 2021 event, citing the government's unwillingness to provide insurance support.