Less than 10% of public events in Romania are insured

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Every summer, thousands of public events take place in Romania: competitions and sport events, concerts and shows, festivals of music, film or theaters. Organisation of such events implies considerable risks  to the safety of participants, employees and equipments. However, less then 10% of public events in Romania are insured, estimates James Grindley, CEO of CertAsig.

The most exposed events are sport events for amateurs, which  have gained momentum in recent years – there are tens of bike competitions, marathons, triathlons, water rafting,  horseriding, swimming, martial arts and many others.  Potential risks specific to sports events include: event cancellation due to adverse weather conditions or other unforeseen circumstances, damage to location or equipment, damages  to third parties as a result of the sport event or even injury to participants.

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Although less than 10% of the events taking place in Romania have insurance, this year we see  a growth trend. Various incidents that occurred in recent years have prompted the organisers to take more responsibility towards participants and to use insurance policies to protect them in case of accidents,” added the CEO of CertAsig, James Grindley.

A premiere this year was brought on by the Wine Marathon 2016  in May (pictured), one of the most famous sport events  for amateurs. The Wine Marathon is a mountain biking competition organised by BikeXpert, event insured through our partner INK Broker. During this event, all 540 participants benefited from insurance for risk of accidents. The insurance covered the risk of hospitalisation, convalescence, surgery, fractures and medical expenses as a result of an accident, as well as the risk of death or permanent total or partial disability due to accidents. In case of such regrettable incidents, such a policy insurance allows the organiser to better deal with costs and consequences   of such unpleasant situations.

Now in its sixth edition, the Wine Marathon is a MTB charity event that took place in Urlati, Prahova, through the hills and  vineyards  of the region. The race had several competitive trails of 54 km and 36 km (multiple tracks of about 18 km) and this year, as a first, there were special trails for  children as well.

“In European countries or in United States, most of the events are insured. And not only sport events, but also any kind of public event: concerts, shows, festivals, fairs, etc. However, I estimate that over 90% of events in Romania do not have any insurance, for the organiser or the participants, which means that the organisers are simply pushing their luck. A first step, absolutely necessary, would be  to make third party liability insurance mandatory for all the events organised by public authorities – city halls, cultural associations etc.” – says James Grindley, CEO of CertAsig.

In recent years, CertAsig developed insurance products for event organisers, becoming the preferred insurer for most of the large-scale events in Romania. The company insured  various types of events, including concerts  –  Depeche Mode, Roger Waters’ the Wall, The Mission, Liberty Parade, sport events such as the Europa League final in Bucharest in 2012, the controversial Human Body exhibition, the Cirque du Soleil shows in Bucharest and many other concerts, festivals or film productions.

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