Insurance rates have been on the increase for the last nine consecutive quarters, even before the impact of Covid-19, due to several factors:
This has meant that several insurers and Lloyds syndicates now no longer offer cover options to certain areas including the care sector, and means:
Carolyn Baker-Mellor is a respected industry leader with over 35 years' experience within the care insurance sector. She works across a wide spectrum of insurance product and policy development, delivery and optimisation for care industry clients, including managing global corporate accounts, working closely with trade associations, and helping clients in protecting their businesses and personal assets.
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Towergate Insurance are partners with Care England, NCF, Homecare Association and a number of regional associations and are actively engaging with local Government officers to provide updates on market restrictions. We also offer to speak with the CQC oversight committee about challenges within the insurance sector and work closely with the British Insurance Brokers‘ Association and the Association of British Insurers to ensure that wider messages are being heard across the market.
To find out more about how we can assist you see our care insurance webpage or email caredivision@towergate.co.uk. We can also advise on market updates.
There have been significant and rapid changes and contraction during the lockdown for social care providers, most adversely for those providing elderly or nursing care, with some significant movements in market approach and capacity to offer cover and terms.
In these uncertain times, the impact of COVID-19 has led insurers to review potential financial quantum and exposures around potential liability claims scenarios. Several actions have been taken by insurers to the sector (mainly elderly and nursing home providers) including:
Although you may not have been affected by the market changes yet due to having a renewal date outside of March-July 2020, it is unlikely that you will not be affected moving forward. We would recommend that you contact your insurance broker at least three months ahead of a known renewal to discuss options and market movements, as these continue to change on a regular basis.
Date: August 20, 2021
Category: Care and Medical