Climate Change Has Caused Event Insurance Prices to Triple — and Indie Promoters Are Bearing the Brunt

Festival goers walk in the wind and rain at Camp Bestival, at Lulworth Castle near East Lulworth on July 29, 2018 in Dorset, England. In early September 2022, organizers of the Harvest Moon festival in Miramar, Fla., were forced to cancel their three-day country music event for an unusual reason: They could not find affordable cancellation insurance for the festival, which was scheduled to take place Oct. 27-29, little more than a month away.

Executives with destination-festival producer Topeka thought they had a policy in place when they announced Harvest Moon — which was to feature headliners— and had had no problem getting coverage in the past; the festival fell outside the official hurricane season. But approximately six weeks before the event, weather forecasts indicated that Miramar could be in the path of two developing superstorms.

The event business used to be much more competitive, which meant much lower prices for the policyholders. But a substantial increase in the number of festivals taking place yearly in North America, coupled with an increase in adverse weather, has caused event cancellation insurance premiums to triple and deductibles to balloon in recent years.For much of the last decade, event cancellation insurance enabled promoters to insure their expenses and forecast profits for about 80 cents per $100.

But policy prices have risen exponentially now that “insurance companies are increasingly relying on historic data about regional weather patterns and spending more time trying to identify the statistical risk based on location and time of year,” says, an attorney for independent festivals in North America, says rising premium costs are first felt by indie promoters and organizers.

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