Tokio Marine Management Australasia, representing Tokio Marine & Nichido Fire Insurance in Australia, has introduced a new insurance product tailored to the local market: Event Cancellation and Non-Appearance Insurance.
This policy aims to support the event and entertainment industries by offering financial protection against unexpected events.
The policy offers up to A$50 million in coverage per event.
John Dimos, head of sales and distribution partnerships at Tokio Marine Management Australasia, said the new insurance solution aims to help mitigate the financial impact when an event is unexpectedly cancelled, abandoned, interrupted, postponed, curtailed, or relocated due to uncontrollable factors.
“Our product provides impressive coverage of up to $50 million AUD for each event – a significant offering in the Australian market,” he said. “Event Cancellation Insurance covers the net revenue impact when an event is cancelled, abandoned, interrupted, postponed, curtailed, or relocated for reasons beyond the control of the insured. When these circumstances occur, the loss of revenue can be crippling for the organiser and or promoter. The reputational impact can also have a long-term financial effect. Unexpected circumstances are impossible to predict, which is why having event cancellation insurance is so valuable.”
The COVID-19 pandemic has cancelled many live events across the globe, highlighting the need for event cancellation insurance.
In Australia, the live entertainment industry urged the state and federal governments to launch a business interruption fund to help event organisers plan future events. The calls had prompted the Victorian government to launch Australia’s first COVID-19 event insurance in 2021. The scheme covers creative, sporting, business, and community events with either revenue or costs ranging from $20,000 to $10 million.
Steve Bardsley, underwriting manager at Tokio Marine Management Australasia, emphasised the significance of the launch of the event cancellation insurance.
“I’m thrilled to take the lead on this new product opportunity for Tokio Marine Management Australasia. It’s not every day that we launch a new line into the market. Our research indicates that this product isn’t typically handled by Australians for our local market, so being at the forefront and offering a local solution is truly exciting,” he said.
The new insurance product is underwritten by Tokio Marine & Nichido Fire Insurance Co, Ltd, ABN 80 000 438 291, AFS Licence No. 246548. Tokio Marine Management (Australasia) Pty Ltd, ABN 69 001 488 455, is authorised to issue policies and manage claims on behalf of the insurer.
