14.04.2021: UK Music Chief Executive Jamie Njoku-Goodwin warned of a “wave of cancellations” without a Government-backed insurance scheme for music festivals and events.
The Let LIVE Thrive campaign hosted the online event today (Wednesday), which featured speakers from the live events and insurance industries, who met to discuss proposals for a Government-backed insurance scheme for live events.
UK Music Chief Executive Jamie Njoku-Goodwin appeared on the panel, which also included DCMS Select Committee Chair Julian Knight MP, broadcaster and former Olympian Sir Brendan Foster CBE, Paul Reed, CEO of the Association of Independent Festivals and Philippa Childs, Head at BECTU.
Jamie Njoku-Goodwin said the music industry was “incredibly grateful” for Government support, but he added: “We want to be able to get to a position where we can support ourselves.”
He warned the market failure, which meant organisers could not get insurance, would lead to “a wave of cancellations in the weeks to come” without urgent action.
Jamie added: “There is more risk in not doing this than in doing this.” The UK Music Chief Executive called on the Government to introduce an insurance scheme similar to the one that had protected jobs and boosted growth and investment in the film and TV industries.
Jamie said: “It’s in everyone’s interests for the Government to move on this and address this market failure.”
He concluded: “The clock is ticking and we need to sort this now.”
DCMS Select Committee Chair Julian Knight MP said a Government-backed insurance scheme offered a “sensible solution” to what was a market failure and was needed “now more than ever” to lead to a “summer of fun rather than a summer of none.”
He said that the Government’s confirmation that it was putting in place insurance for Phase One events was a clear admission of “severe market failure”.
The speakers urged the Government to commit to engaging with insurers to agree a structure for a Government-backed insurance scheme for live events as swiftly as possible.
They also called on the Government to map out a timetable to consult on the scheme and give event organisers urgently needed clarity about the weeks ahead.
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