WITH insurance costs adding another layer of “inflationary pressure” pushing up the cost-of-living and cost-of-business, the RLC’s preferred insurance partner (Zenith and Lockton) has created a survey to collect and harness data that will help them design and develop more relevant and affordable insurance policies and practices for retirement living operators and residents.
Through the RLC Insurance Working Group, retirement village operators warned that rising insurance premiums and excesses were beginning to heavily impact their operating budgets.
The Working Group identified the need to better educate underwriters on the need to differentiate the comparatively lower risks associated with retirement living communities (as compared with residential aged care), which also evidenced a demonstrable need to collect and mine industry data that was customer-specific, relevant and comprehensive so as to better-inform future risk-management profiles.
Customer-specific flaws in insurance underwriting are seemingly evident across the international insurance value chain with overseas property and casualty (P&C) insurers increasingly investing in data and analytics to improve underwriting capability.
The RLC has finalised a formal agreement with our Zenith and Lockton insurance teams that will ensure appropriate arrangements are in place to safeguard industry data.
To have your say about the most pressing concerns you have about insurance you can access the survey prepared by Zenith and Lockton here.
The Property Council of Australia is entitled to a commission in respect of new business which it refers to Zenith Insurance Services and Lockton Australia.
The Property Council of Australia will not be a party to any arrangement between Zenith Insurance Services and Lockton Australia and retirement living operators, and accepts no liability in respect of any such arrangement.