MIA welcomes insurance scheme for live events sector

Thursday, August 12, 2021

The introduction of an insurance scheme for the live events sector has been welcomed by the Meetings Industry Association (MIA), recognising the scheme as a long waited intervention that will coerce a return of confidence.

This government-sponsored scheme worth 750 million pounds which is expected to run from September 2021-22 will enable event organisers to purchase uncapped cover for events that could not be hosted due to COVID-19 restrictions enforced by the government.

In a statement made by John Longhurst, the CEO of MIA, states while venues have been flexible to allay the COVID-19  impact on business by introducing more flexible booking methods, however, the lack of keenness and commitment from event organisers amidst these uncertain times are resulting in a delay in the sector’s revival.

Longhurst also said through their ongoing surveillance of the industry, they are highly aware of the impact that the insurance scheme will have on the sector. Almost two-thirds of the venues (61%) have been surveyed in August 2020, emphasising the necessity for this to be made operational.

Longhurst added that in the same year, 92% of the venues had zero covers for their lost business of which was a significant £2,398,600 for the average venue.

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