Reinforcing its commitment to provide the live event production community with a body of information to help them prepare for the growing range of risks that challenge live event professionals, Take1 Insurance has published a new white paper entitled “Risky Business.”
According to Take1 Insurance Executive Vice President & Program Director Scott Carroll, the new white paper explores how live events have become the economic and social currency of the consumer marketplace and how innovative insurance strategies are keeping them viable in the face of a growing range of risks.
“There has been a tectonic and well-documented shift in consumer values away from things in favor of experiences that generate a sense of happiness and wellbeing,” he said today. “Spending on a variety of types of experiences, like travel, leisure and food services are projected to rise to an astounding $8 trillion by 2030 globally.”
And within this massive movement is an even more important trend: the growth in popularity and value of the live event. From concerts and cultural events to sporting events, from corporate conclaves to brand messaging affairs, being a participant of the live event, as a fan in the stands or a concertgoer in the club, has supplanted material accumulation as that which we as a society aspire to. This shift has translated into very big business. Music concerts now generate over $28-billion in revenue annually, according to Carroll.
Carroll also said that the industry had to come to terms with the fact that the risk exposure is indeed great enough to justify the expense of having the right insurance coverage in place. “Take1 constantly thinks about how live event Insurance may change as a result of events around the world like Route 91, and we involve ourselves in that dialogue from the live community’s perspective. We have shared, and will continue to share, what we learn from each of these unfortunate events. In the meantime, the community needs to carefully review their policies with their insurance agent to make sure they are completely protected against the kinds of risks we face today.”