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NOEA Government-backed Insurance Scheme Q&As
Why should this matter to the general public?
- Around 141million people attended events last year – live music festivals, sporting, country or agricultural shows, cultural festivals etc.
- For all of those people, there is a very real chance now that they will get their favourite events back beyond 2022 – before this, there was much more doubt
- In short; if you like attending festivals, this is really important news
What is the scheme, what does it mean?
- The scheme should be seen as a massive support cushion for the events industry
- At the moment the risk vs reward for event organisers is far too much in the ‘risk’ category; they are facing continued threats around pandemic, an unsteady insurance industry not willing to support them, and a general lack of confidence amongst sponsors and brands. This is on top of the everyday threats of weather that every UK event organiser faces in a normal summer
- This insurance scheme takes a big chunk of risk out of the equation and reintroduces the incentive to run these events
- Without its existence, for many event organisers, there would be little incentive to run events beyond those that they have already committed to running – through ticket sales sold back in 2018/19
- So, while we have been seeing events this summer, the majority are based on pre-pandemic commitments. At NOEA we have long been concerned about the industry post this ticket cycle
How has the events industry fared over the summer with the different changes in lockdown?
- Not very well at all I’m afraid. This is an industry that needs certainty; it takes months of organisation, days of build and a lot of security from local authorities to put on event. The industry has been running without any of this
- This means all we’re seeing is some lucky events getting away between lockdowns, some cancelling, literally the days before it is supposed to be starting; some just choosing to differ to next year
- This insurance scheme means there is a financial safety belt for everyone in the industry, albeit not an end to some of the underlying problems
What does this scheme mean for those in the events industry?
- It means creative organisers can look to organise new or existing events again without the massive risks involved
- We also need to mention the hundreds and hundreds of support businesses and the thousands of freelancers that are involved in events; everything from catering to toilets; car parking staff to security, trackways to lighting and staging
- These people have been without work for nearly two years now and need income. They have also heavily borrowed from the government and want to pay that money back; they can only do so by earning money at events. They have more of a chance now to do this
- Overall though, this is a sign that an industry that has been very much kicked into the long grass over the last two years, is being listened to and supported by the government. It’s a great confidence boost for everyone