Disability and Aged Care Insurance Market Update

How can our disability and aged care insurance services help?

Over the course of 2020, care facilities including disability and aged care organisations have had to deal with many challenges including COVID-19, Royal Commissions and evolving legislation. To unpack how these challenges may affect risk management and insurance programs within the industry, Lyle Steffensen, Marsh’s Pacific Care Solutions Practice Leader has prepared a short Disability and Aged Care Insurance Market Update

With proven experience as knowledgeable disability and aged care insurance brokers, we take a deep dive into the factors influencing the insurance market, locally, globally and in the Care Sector to help you understand:

  • The Global Hardening Market and the reasons this is impacting the Pacific region;
  • Why we’re seeing premium increases for particular classes of insurance in the Care Industry;
  • A proposed 3 year road map to help your organisation develop a risk management and insurance strategy to navigate the hard market; and
  • Key strategies to help you manage the conversation internally with your stakeholders and with insurers.

For these insights and more, see below. This video is 16 minutes long.

Regardless of where your care facility is in the insurance and risk management journey, Marsh is here to help with our disability and aged care insurance services. Our dedicated and unique Care Solutions Practice has extensive experience working with organisations just like yours to help you navigate a difficult insurance market. In this update, we outline key strategies that your organisation can implement to help prepare you for discussions around risk management to key stakeholders and insurers.

We also highlight the importance of keeping up to date and utilising the many resources available to help you put together a plan, prepare and communicate to your stakeholders. At Marsh, we have developed an extensive array of material to keep the industry updated on key insurance issues. 

In our insurance market update, we note that a rise of class actions relating to COVID-19 could have an impact on your insurance coverage. To stay updated and be prepared for changes this may cause, see our risk insight on Class Actions and Liability insurance impact here.

If you would like to organise a non-obligatory discussion on your current insurance program in this market or what this may mean for your renewal, contact us here


Please note: The content of the Update (collectively, the ‘Marsh Analysis’) is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Any statements concerning legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA No. 20/613

 

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”