At a time of market uncertainty, it is critical for aging services organizations to align with an insurance partner that has demonstrated stability under challenging market conditions. (Photo: Shutterstock)
No area of the country is impervious to the increased frequency and severity of professional liability claims asserted against aging services facilities, or the rising costs associated with resolution. According to claim data from CNA over a six-year period, claims in some sectors of the aging services industry have doubled, and the severity has increased by 60%.
These double-digit increases in claim costs have compounded over multiple years, leaving previously “conservative” venues vulnerable to the negative effects of the upward trajectory. With no relief in sight, aging services providers must ready themselves for the financial realities of a new marketplace.
