The safe unlocking of sports activities in Britain
Following the long period of stagnation of outdoor sports due to the Covid pandemic, there is a huge appetite to get back participating in and spectating the sports we love and once took for granted.
Amid the flurry of excitement to reignite outdoor sporting activities, there is a desire among many to try new sports. Entrepreneurs are even setting up new outdoor sporting ventures to meet escalating demand for outdoor sports activities.
There’s also the monetary aspect to consider. According to a Bank of England economist, savers squirreled away £100 billion during Covid lockdowns.
As markets open up, flush Britons are looking for ways to spend the money they couldn’t during in lockdown, and outdoor sport is proving a popular activity to devote time, money and energy into.
Following the mandatory shutdowns of sports clubs and leisure centres across the UK, lockdown saw individuals finding new ways to maintain their health and fitness. A report by McKinsey & Company into trends shaping the sporting goods industry in 2021, shows that individual outdoor sporting activities that gained momentum during lockdown are expected to experience a lasting increase in participation in 2021.
Opportunities for entrepreneurs and investors
This ‘new age of outdoor activities’ presents opportunities for entrepreneurs and investors, as well as challenges. Research points to how the pent-up demand for outdoor activities like cycling, running, hiking, and fishing, drives the need for investment to the continued expansion of the outdoor sporting activities market.
For example, ventures offering bike hire is witnessing increased demand, paving the way for new bike hire enterprises to open up. Golf is another activity that is enjoying a surge in popularity. In June 2020, golf equipment sales soared, the boom being attributed to new players entering the sport and a yearning for golf courses to reopen.
Insurance for sports and leisure ventures
The pent-up demand for outdoor sporting activity in its many different guises, reiterates the need for clubs and ventures accommodating the different sports to have the right insurance in place to protect everyone involved at the clubs, including members, staff and spectators.
Nelson Policies at Lloyd’s offers a Sports, Social, Health & Leisure product on a commercial combined, property or liability only basis. Get in contact with our Sports division for more information on our Sports & Leisure product.Back to Blog
Q&A with … Kelly Staggs our longest serving team member, renewals underwriter.
As I oversee all the commercial renewals, I like the fact I am continuously kept busy. Every day, I am reviewing a different type of risk and seeing how other people would underwrite it. I also like having the ability to re-review a risk and provide the best options for both the Insured and broker.
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