Prepared in collaboration with Marsh Senior Living & LTC Industry Practice.
Our 2022 General and Professional Liability Senior Living and Long-Term Care Benchmarking Report uses data from participating providers. We are seeking additional participants for our next study. There is no cost to participate and all participants will receive a copy of the report and an invitation to the presentation of the results. Please contact Oliver Wyman at LTCBenchmark@oliverwyman.com to join or if you have any questions.
The following is a very high level summary of our report. Please download the full report to learn more, including:
- Estimates of countrywide and state-specific trends separately for claim costs, severity, and frequency
- Estimates of countrywide and state-specific claim costs
- Examinates of the relationship between indemnity costs and expense costs
- Review of the accident year by report year relationship
- Examinates of COVID-19 related claims and claims costs
- Examinates of cost differentials for skilled nursing facilities and senior living communities
- Analysis of cause of loss descriptions
Roughly fifty providers submitted data for this analysis. Our analysis focuses on paid and closed claim data comprised of nearly 11,000 closed claims with approximately $1.87 billion in paid indemnity and expense over the past ten years. The participants in this study include independent living, assisted living, memory care, and skilled nursing providers. In total, this analysis includes the exposure associated with approximately 265,000 senior living and long-term care units, which we consider statistically credible.
We have separated the claims and exposure data into long-term care: those exposures relating to skilled nursing facilities; and senior living: those exposures relating to independent living, assisted living, and memory care providers.
We developed our forecasts using countrywide experience through December 31, 2021. For purposes of this analysis, the 2023 projections are exclusive of any claims relating to the COVID‐19 pandemic. We present metrics for claims limited to $1 million per occurrence and excluding payment values less than $100.