Assisted Living Insurance Market – Under Pressure
Over the next couple of decades, the United States will see unprecedented growth in its senior population as the “Baby Boomer” generation (born between 1946 and 1964) ages. Over 10,000 baby boomers turn 65 every day. With this influx of aging boomers, increases in healthcare demands will be seen throughout the healthcare industry, with the greatest impacts anticipated in skilled nursing, assisted living, and residential care facilities.
The senior living and long-term care market is already under pressure. Pricing for this industry continues to harden, with projections of premium increases ranging from 5% to 30% in 2019 due in part to rising frequency and severity of claims. This is particularly the case with Assisted Living Facilities (ALFs). Loss rates per bed have been suppressed for years and carriers need additional rate to become profitable.
About the Author
Linda Wright, CIC
Healthcare Professional Practice Leader
Linda Wright, CIC is the Healthcare Professional Practice Leader for Founders Professional. Linda helps long term care facilities, medical professionals, life science and social service entities across the Country secure professional liability and management liability insurance coverages in conjunction with their retail insurance agency.
Source: Founders Professional