Victoria is the first jurisdiction in Australia to underwrite COVID-19 insurance for live events
Government-backed insurance schemes will provide certainty for the Australian live music and entertainment sector
Victoria joins Germany, the UK, Austria and other European nations in creating a government-backed insurance scheme
APRA AMCOS applauds the Victorian Government for the announcement of an events insurance scheme that will provide certainty to live music events and festivals in Victoria.
“Victoria is to be applauded for being the first jurisdiction in Australia to underwrite COVID-19 insurance for the live events sector,” said APRA AMCOS Chief Executive Dean Ormston.
“Victoria now sits alongside Germany, the UK, Austria, the Netherlands, Belgium, Norway, Denmark and Estonia in designing a government-backed insurance scheme.
“For this scheme to truly work, however, we urge the Australian Government as well as all the other states and territories of the commonwealth to partner with Victoria on a truly national scheme that reflects our industry’s national footprint."
Eighteen months into this pandemic and the latest APRA AMCOS data shows national live music activity is at just 9 per cent of pre-COVID times. A survey through I Lost My Gig found that 28,000 gigs were cancelled nationwide over a four-week period from 1 July resulting in nearly $84 million in lost income.
“Without a national approach the Australian music industry will continue to face significant uncertainty and disruption. The adoption of government-backed insurance schemes will provide certainty for the Australian live music and entertainment sector as we seek to recover from the latest lockdowns,” Ormston said.
“With private insurance unavailable to protect against COVID-19 lockdowns and border closures, a government-backed insurance scheme is a vote of confidence in the importance of live music and entertainment sector in rebuilding economies and communities.
“Australia's live music and entertainment sector is not just vital for the economy and jobs, it provides the beating heart of city-centres and regional areas as the nation recovers from latest lockdowns. It will rejuvenate CBD's and town centres and get people back to the experiences they miss the most."
Research shows that live music provides $16 billion worth of economic, cultural and social benefit to the nation, with every dollar spent on live music providing three dollars’ worth of benefits returned to the wider community.
As well as this, live music provides a vital benefit to associated industries including hospitality, tourism and regional economic development, fostering safe night time economy activity.
Tourism Research Australia data shows, investment in music and cultural events has one of the greatest impacts in increasing regional visitation. Music, in particular, is one of the highest value events that can drive overnight trips and provide a competitive advantage to regional areas.