As the COVID-19 pandemic and concerns surrounding a second wave of infections continue through autumn, public health concerns remain a top priority for people both in and outside the healthcare industry and Guy Carpenter is actively working with healthcare executives on how to mitigate the impacts of the virus on the sector.
The UK care industry has undergone arguably the most difficult period in its history during the COVID-19 pandemic, according to Philip Dearn, Practice Leader, UK Healthcare at Guy Carpenter-affiliate Marsh.
The industry has reflected on many of the difficulties, including the tragic loss of life amongst service users, but one area that has not attracted widespread attention is the challenge the care sector will face when it comes to insurance buying.
As well as obtaining statutory insurance cover, businesses are often required to obtain cover for contractual reasons. For this reason, most businesses and investors regard appropriate insurance as a necessity to protect the balance sheet. Increases in premium or additional exclusions could prove extremely challenging.
The reinsurance sector has shown itself to be well versed at navigating market-changing events, and the overriding message following recent renewals is that the market remains well positioned to support insurers through the current period of uncertainty and volatility.