In 2020, numerous concerts were canceled or postponed due to the pandemic, including Andy Lau's 12 Hong Kong shows, Li Ronghao's "Young and Promising" tour, Jolin Tsai's concerts, and Jay Chou's "嘉年华" tour in Malaysia. The Tokyo Olympics, the first-ever postponed Games, also caused significant financial losses estimated at over $5 billion, which may be covered by insurance.
Sunwising Insurance, an early introducer of event cancellation insurance in China, notes that this coverage remains underutilized domestically despite its prevalence in international events. Event cancellation insurance typically covers losses from unforeseen circumstances such as natural disasters, pandemics, and key personnel absences.
Key risks covered include:
- Venue unavailability
- Severe weather
- Pandemics
- Key personnel non-appearance
- Political events
Sunwising Insurance provides customized solutions for various industries, including event cancellation insurance, key person insurance, and public liability insurance. Established in 2009 with offices in Shanghai and Hong Kong, Sunwising specializes in tailored insurance solutions for construction, exhibitions, private equity, and entertainment sectors.
