A recent McKnight’s article reported on increases to commercial liability insurance policies for LTC providers – as much as 30 percent.
Experts with Willis Towers Watson made that prediction last week, noting that the eldercare space is difficult for payers. Their data points to the following factors that create emerging risk in senior care:
- Class-action lawsuits focused on anti-consumer, staffing, marketing and ADA violations could be coming in more states.
- Expanded litigation beyond urban areas is affecting results in suburban and exurban venues more dramatically.
- Natural disasters, including wildfires, catastrophic storms and flooding, are drawing underwriter attention to disaster preparedness.
- Although occupancy challenges have dampened M&A in the sector, significant activity persists and a focus on due diligence, vetting policies and procedures, and mitigating turnover is critical to making sure the combinations will succeed. Underwriters will still focus on pre-acquisition loss history on assets that are in play.
“Here at primeFORCE, our enterprise risk management services are positioned to help LTC operators better evaluate risk across the operational spectrum,” said Joe Stone, EVP, primeFORCE. “Due to our deep experience in the LTC marketplace and our alliance with Willis Towers Watson, we can provide clients and prospective customers with a no-cost risk audit designed to help mitigate these increases in operating insurance costs.”
Read the McKnight’s article.
Read more from Willis Towers Watson on Insurance Marketplace Realities in 2019 for Long-Term Care.
Schedule your insurance audit from primeFORCE Services.