The landscape for senior living insurance and risk management has changed significantly in recent months, from the rising costs of liability insurance to a rollercoaster of new risks presented during the pandemic.
Even prior to the pandemic, insurance costs and considerations were changing, including rising premiums for senior living providers.
Today, with many COVID-19 risks waning, the insurance landscape has forever changed, and a new set of risks has followed.
In a recent Transform podcast interview, Managing Director and Leader of Marsh’s Senior Living & LTC Practice, John Atkinson, outlined the landscape for senior living risk mitigation and insurance: the good, the bad and the yet-to-be seen.
New and Emerging Risks
While the pandemic presented a new set of risks and unknowns to senior living providers, the post-pandemic landscape presents additional risks — from cyber security to environmental, social and governmental (ESG) concerns.
“Everyone wants to know about emerging risks because [they are] new,” says Atkinson.
While some of these risks are not unique to senior living, they may present unique challenges to senior living operators…
