What insurance pros need to know as live event attendance rebounds
After a trying and tumultuous past two years, the live event space is starting to see a rebound as LendingTree reported concert attendance has returned to pre-pandemic levels. This year, Americans plan to attend an average of four concerts, up from three this past year and in line with 2019, according to the online lending marketplace. For risk managers and event organizers, the keys to success are being prepared, patient and starting early, according to Mona Grabowski, vice president, entertainment, for Hub International. Due to a hardening market, capacity issues and industry event losses, carriers are now even more focused on safety standards and practices, proper protocols for risk transfer and contractual obligations. "Contending with industry staffing and labor shortages has put tremendous stress upon event organizers and risk managers," Grabowski tells PropertyCasualty360.com. "For the most part, COVID sidelined the industry for two years and within that two years, experienced companies and individuals have either left the space or simply find themselves 'out of practice' in performing their daily duties, which prior to the pandemic were second in nature." She explains getting that experience and consistency in the live event space back will be vital to not only the success of an event, but will also make carriers feel more comfortable around insuring particular events.
Claim frequency and denials increasing
Event spaces aren't alone in facing personnel struggles, as Grabowski says insurers are still working to get back to full force as well. Carriers continue to suffer from their own issues around staffing shortages and limited resources, leading to delayed response time and backlogs. Further, claims are increasing in frequency as attendance rebounds, Grabowski says, adding that claims are taking longer to set up, investigate and pay. "We are seeing more denials with claims than we have had pre-pandemic," she says. "I believe this is also a result of all of the payouts of the natural disasters the insurance companies have had to pay such as hurricanes, tornados and fires. Times have changed." The above slideshow includes Investopedia.com's rankings of the leading live event insurers across seven categories. Related:
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