Following on from our Q1 market update there appears to be no let-up to losses impacting the Marine Insurance industry. The high profile incident that…
When COVID-19 put the lights out our service shone through
COVID-19 continues to have a catastrophic worldwide impact on the Music and Live Events industry. Music festivals, concert tours, conferences, events, and award shows are still being cancelled as restrictions on public gatherings remain in place and lockdowns are enforced.
The media has been warning that more than £900million will be wiped from the UK’s music economy alone. However, as the global pandemic continues to be endured, so worldwide, the industries financial exposure will run into the billions.
Promoters, festival and event organisers, agents, venues, and production services have incurred devastating losses.
Our cover shone through
Service shone through
An Overview of the Contingency Claims Paid
Tysers’ Entertainment and Sport Team is spearheading the call for a government-backed insurance scheme to support the live entertainment industry decimated by Covid.
Tim Thornhill, Director of Tysers Entertainment and Sport Team, explains: “The summer of 2020 was clearly, very different to that of 2019 but with the new government announcement on the 22nd February and the rollout of the vaccine and with public health a priority, we need a return to live events. However, the insurance industry cannot sustain a repeat of the losses of 2020 caused by the Pandemic and must be supported by government-backed Covid event cancellation insurance for a worst-case scenario.”