The word ‘soft’ doesn’t spring to mind when describing the current insurance market for Canada’s healthcare providers. But four years after the start of the COVID-19 pandemic, insurers are becoming more comfortable looking at, and writing, healthcare business.
“We’re having little problem placing coverage for best-in-class healthcare risks in general,” says Mona Krolak, a senior vice president and senior living practice leader at Hub. “So not just senior care, it’s been across the board.”
Beyond best-in-class risk, she describes a transition in which “we’re seeing more markets being curious about the [healthcare] class and looking at certain risks that they hadn’t considered in the last few years.”
A prime example is long-term care, from which insurers stepped away in 2020. She notes markets are now looking at all clients, with best-in-class business easier to place and even challenged accounts being considered. What’s more, the pandemic-era distinction between for-profit and not-for-profit care homes is fading now that more data are available.
“In terms of claims through the pandemic, no one was immune. We saw claims in both the not-for-profit, as well…
