Festivals for Britain as events get $1 bln COVID reinsurance cover

Britain launched a government-backed reinsurance scheme totalling more than 750 million pounds ($1 billion) on Thursday to cover live events against cancellation risk due to the COVID-19 pandemic, after intense industry lobbying. Insurers stripped coronavirus cover from event cancellation policies after the pandemic took hold last year, prompting top entertainment industry figures such as Andrew Lloyd-Webber to demand a government-backed scheme to enable events to go ahead.