Marine Hull – Market Report May 2022
As we commenced preparation of our market update in early February, it was agreed internally that we would present separate reports for Marine Hull and…
It’s Music to our Ears! – government announce insurance scheme to boost Live Events.
“It’s music to our ears!” – leading entertainment insurance broker, Tysers, welcomes Government-backed insurance scheme to give a boost to the events industry
After months of campaigning and engagement with the industry and across government, Tysers welcomes the UK Government’s announcement of its intent to step in and provide an insurance scheme to get live festivals and gigs back up and running.
Tysers Director, Tim Thornhill, praising the breakthrough, said:
“This is music to our ears. It is great news that the government will put in place this long-awaited scheme which will protect hundreds of thousands of jobs and livelihoods in and around the sector. Millions of music fans will be able to get back to gigging, audiences to returning to theatres, and businesses to supplying and staging events. From the very start, we’ve campaigned tirelessly to see a programme like this introduced to protect our customers and our country’s proud culture of live music, performing arts and business events.”
Thornhill continued “The constructive approach taken by HM Treasury and DCMS to include the insurance market is a smart, pragmatic approach and means the swiftest possible transfer back to the commercial insurance market, once there is more certainty in the future, to take on the risks directly.”
The scheme, which will last for a year, will give the commercial insurance market the opportunity to recover following the devastating COVID-19 losses seen throughout 2020 to the contingency insurance market.
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