BEIA welcomes National’s plan to support event insurance

Business Events Industry Aotearoa (BEIA) has welcomed the New Zealand National Party’s 'Back to Business' plan, which would see the government fund the premium for events industry insurance cover.  

Lisa Hopkins, the chief executive of BEIA, said that the Government rejected an industry-led proposal to support the $1.5m (US$1.1m) premium cost, either directly or through the Regional Events fund, for a $20m policy cover.

Hopkins stated: “I am pleased to see National’s wider plan today, which acknowledges the devastation this sector has felt. National’s proposal would see a $50m fund to allow major events, such as festivals and concerts going ahead with confidence, avoiding the significant financial losses incurred by organisers, customers and suppliers.”

“Ultimately, we want to see the events industry supported in a way which offers confidence. Our proposal was about postponing events, not cancelling them, to give suppliers, attendees and communities certainty, and to enable money to continue to circulate,” Hopkins continued.

“The business events sector has lost 78% of its value since Covid-19. Despite this, many businesses have stayed open, albeit with significantly reduced staff and, for the small businesses, off the back of investments and savings.”

The chief executive of BEIA concluded: “The day will come when restrictions lift, borders open and the job of resurrecting our economy and country begins in earnest. Like so many in tourism and hospitality, the events sector, including business events, will be an important part of the solution.”