Calls for music industry insurance scheme intensify as elections approach

Calls for music industry insurance scheme intensify as elections approach | Insurance Business Australia

Calls for music industry insurance scheme intensify as elections approach

The Australian music industry has offered suggestions ahead of the elections to help the music industry survive despite the challenges caused by the COVID-19 pandemic and other factors.

On May 11, Wednesday, 16 Australian music industry bodies – including Australasian Mechanical Copyright Owners Society Limited (APRA AMCOS), Australian Recording Industry Association (ARIA), Live Performance Australia (LPA), and Support Act – advocated for a three-point plan that prioritises:

  • Event insurance to provide certainty for local audiences;
  • Direct investment in the creation of new Australian music, skill development, and global exports; and
  • Programs to build industry sustainability through strong intellectual property and national mentorship programs.

“It is an opportunity to learn from the pandemic and build a better, more sustainable, innovative, and successful cultural asset at the forefront of community building and the next digital revolution, supporting the artists of today while fostering new waves of talent and driving the changes to global music consumption,” the music industry bodies said, as reported by Arts Hub.

“We urge the federal government and federal opposition to partner with the Australian music industry on the next chapter of our national story … A partnership approach with the Australian music industry will foster the future of jobs and build the skills in one of the fastest-growing global industries at the forefront of community, innovation, and economic growth.”

Read more: Insurance Council says live events insurance impossible without government intervention

The Australian insurance, event, and music industries have been calling for a national insurance scheme since the COVID-19 pandemic started to help performers, organisers, and companies survive.

A study by the Australasian strategic analytics firm Finity, released by the Insurance Council of Australia (ICA) in July 2020, found that traditional private sector insurance coverage to address pandemic risks was “effectively impossible” due to “significant challenges to insurability posed by COVID-19 and pandemics.”

In a statement released early this year, the Insurance Council of Australia (ICA) claimed that insurance coverage for pandemics will be impossible without government involvement.

Meanwhile, in a recent statement reported by Arts Hub, APRA AMCOS CEO Dean Ormston said: “The challenge for government is to develop a smart whole-of-government approach across cultural diplomacy, trade, tourism, small business, education, health, and arts to take full advantage of the music industry's impact. The opportunity for government is to see dividends in employment opportunities throughout the industries that rely heavily on music, whether it be hospitality or the visitor economy, and delivering on the huge appetite for Australian music around the world.”