Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  Allianz SE    ALV   DE0008404005

ALLIANZ SE

(ALV)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

British entertainment, left in dark, seeks government insurance help

share with twitter share with LinkedIn share with facebook
09/07/2020 | 03:45pm EDT
FILE PHOTO: The outbreak of the coronavirus disease (COVID-19) in London

British theatres and live music venues say the show will only go on if the government provides a financial backstop, as the COVID-19 pandemic means they can no longer get commercial insurance.

While venues for indoor live performances are not yet open in all of Britain, theatres and concert halls in England have in theory been open to socially-distanced audiences since mid-August.

But only a handful have opened, citing insurance as one of the many barriers, as underwriters have been excluding COVID-19 from the cover they provide.

That means a theatre has no protection against cancellation or legal action from anyone in the audience or cast who falls ill or from a lockdown due to COVID-19.

Some small theatres are carrying on regardless and hoping for the best, but for tours, festivals and big names, it's a deal breaker and has hit live performance across the globe, including on Broadway.

"You're not going to get a sponsor, full-house ticket sales, finance, TV licensing or big stars unless they are guaranteed," said James Davies, a director at insurance broker EC3.

A survey by the Society of London Theatres in May showed only 12% of organisations thought they would get the insurance they needed to reopen.

"The one thing no one can get insurance for at the moment is COVID," said Phil Bowdery, chair of the Concert Promoters' Association, one of several trade bodies pushing for government help.

"We'll take care of all the normal insurance - we are asking for the government to be a partner."

PLAN TO HELP FILM INDUSTRY

Organisers of live performances in Britain are seeking a scheme like the 500 million pound deal announced by the British government for the film and TV industry in July.

The scheme will insure productions for 70% of their losses if they have to abandon production due to the pandemic, up to a maximum of five million pounds.

"We are working to get the scheme (for the film and TV industry) open for applications as soon as possible and we have committed to cover eligible losses from the date the scheme was announced," the Department for Digital, Culture, Media and Sport said in an emailed statement on Monday.

The entertainment industry is one of the hardest hit by months of lockdown and ongoing social distancing requirements.

In the first 12 weeks of lockdown, which started in late March, more than 15,000 theatrical performances were cancelled with a loss of more than 303 million pounds in box office revenue, according to a parliamentary committee report in July.

"Government must address the urgent need for the UK's cultural industries to be covered by adequate insurance," the report said.

Other countries such as France and Australia have also introduced backstops for the film industry, but sources say there are no similar schemes for live events.

"We are ... hearing from our insurers that no tour insurance is available which will cover for COVID-19," said a source involved in orchestra tours.

Venues and shows will struggle to survive with social distancing in place because they need at least 70% capacity to break even, and a government-backed insurance scheme would help them get going, said Tim Thornhill, sales director, entertainment and sport, at insurance broker Tysers.

Both Tysers and EC3 are working on proposals, but the prospects of affordable COVID-19 insurance being offered by the industry may be remote. The British government film fund has no insurance partnership as insurers were reluctant to provide cover, sources said.

"It is difficult for underwriters to justify to capital providers why they should risk more throwing good money after bad," said one insurer.

Allianz, Hiscox and Chubb are among other major providers of entertainment liability insurance.

Allianz was no longer providing this insurance for cancellation or illness due to COVID-19, a spokesman confirmed.

Hiscox declined to comment. Chubb did not respond.

(Editing by David Evans and Gareth Jones)

By Carolyn Cohn and Barbara Lewis


Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -4.33% 151.9 Delayed Quote.-31.37%
HISCOX LTD -2.81% 832.8 Delayed Quote.-40.08%
share with twitter share with LinkedIn share with facebook
All news about ALLIANZ SE
08:37aCDP-led group sticks with Autostrade price tag as it works on deal
RE
08:09aPROPERTY LOST : TKC London Ltd V Allianz Insurance Plc EWHC 2710
AQ
10/27CDP-led group sticks with Autostrade price tag as it works on deal
RE
10/27ALLIANZ : Arctic headache for ship insurers as routes open up
RE
10/26Dutch insurer Aegon puts Eastern European arm up for sale in coronavirus-led ..
RE
10/26ALLIANZ : to invest in Portuguese gas distributor Galp Gás Natural Distribuição
PU
10/26ALLIANZ : 26.10.2020 – Allianz to invest in Portuguese gas distributor Gal..
PU
10/22GLENCORE SEES LOGIC IN KEEPING COAL, : Russell
RE
10/21Sweeter offer for Atlantia unit could derail spin-off, proxy advisers say
RE
10/21ALLIANZ : retains No 1 insurance brand ranking
AQ
More news
Financials
Sales 2020 142 B 167 B 167 B
Net income 2020 6 277 M 7 376 M 7 376 M
Net Debt 2020 22 181 M 26 064 M 26 064 M
P/E ratio 2020 10,1x
Yield 2020 6,16%
Capitalization 64 497 M 76 327 M 75 788 M
EV / Sales 2020 0,61x
EV / Sales 2021 0,59x
Nbr of Employees 147 268
Free-Float 99,8%
Chart ALLIANZ SE
Duration : Period :
Allianz SE Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ALLIANZ SE
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 206,48 €
Last Close Price 156,66 €
Spread / Highest target 64,7%
Spread / Average Target 31,8%
Spread / Lowest Target -10,8%
EPS Revisions
Managers
NameTitle
Oliver Bšte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Gabriele Burkhardt-Berg Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
ALLIANZ SE-31.37%76 327
MARSH & MCLENNAN COMPANIES-3.21%55 926
CHUBB LIMITED-18.69%55 703
ZURICH INSURANCE GROUP LTD-22.11%50 820
HARTFORD FINANCIAL SERVICES GROUP (THE), INC.-39.16%13 454
BAJAJ FINSERV-39.67%12 245