You are here

MARKEL UK WHITEPAPER OUTLINES FUTURE FOR CARE SECTOR AND INSURERS

MARKEL UK WHITEPAPER OUTLINES FUTURE FOR CARE SECTOR AND INSURERS

Markel UK, a leading insurer in the UK care sector, has published a whitepaper examining the impact of the COVID-19 on care organisations, the response from the insurance sector and how the pandemic will shape the future. Key findings outline how the relationship between care providers and insurers will be redefined as a result of experiences over the past 18 months.

The paper was led by insights from Markel’s insurance, legal and risk management care experts. Markel insures over 10,000 care policyholders, and began conversations with care associations, brokers and experts in May this year. The findings were published this month, having previously announced the release at the BIBA 2021 conference. The aim of Markel’s white paper, ‘Care and insurance COVID-19 lessons will redefine care sector’s insurance and risk needs as uncertainty continues’, sought to identify the lessons learned and the challenges ahead for the industry.

The whitepaper points out how the insurance industry will play an important part of the care sector’s efforts to navigate the new normal. However, it highlights that the issues are still far from over. 

As the sector looked to its insurers during the worst of the pandemic, Markel’s whitepaper found the response from the industry had been mixed. The National Care Forum (NCF) outlined in the report that there were notable differences between the home care and care homes market. The NCF said: “Key issues for home care providers that were noted were an increase to premiums and the removal of a couple of insurance providers available in the market.”

In addition, providers reported that some insurers said they would not take on new care home business and they were not being specific about what needed to change in order for them to start doing so. 

It is likely that the future relationships between care providers and their insurers will change significantly as the sector evolves into a new way of operating, Markel remains committed to supporting its care policyholders with its insurance, legal and risk management solutions.

Wendy Cotton, technical line manager – social welfare, Markel UK said: “The effects on the care industry will be long lasting and the same can be said for the insurers which cover the sector. The pandemic has created a greater need for appropriate insurance cover, risk management and legal support than ever before, but questions remain for the future. 

“Brokers with care clients will need to fully understand their clients’ changing risk profiles while insurers will need to wrestle with the ability to shape their cover to meet the care sector’s needs.”

Markel’s whitepaper concluded that the future is likely to be defined by the way in which the insurer can work with their clients to adapt the products and services they provide to meet the changes to the sector’s risk profile and insurance requirements. 

Download a copy of Markel UK’s whitepaper here

  • Linked In
  • Pinterest

Read our latest Issue

Tomorrow's Care Awards