Following the Royal Commission into the Aged Care sector, many insurers reacted by withdrawing from underwriting new business. As a result, it has created rising pressure on insurance premiums and a lack of competitive tension.
More recently, with the threat of COVID-19, leading Aged Care insurance provider, Zurich, has announced that they are withdrawing from providing Financial Lines Insurances. This includes Management Liability and Professional Indemnity (Medical Malpractice). Zurich’s decision has put many Aged Care facilities in the vulnerable position of losing Continuity of Cover in an insurance market which does not wish to take on new business. This can expose Aged Care facilities to claims for past incidences not being covered by new insurance arrangements or in a worst case scenario, no insurance at all. New insurance products have reduced limits and coverage, most with no cover for COVID-19 cases.
How can Gow-Gates help?
Gow-Gates Insurance Brokers have exclusive Aged Care arrangements with our insurance partners and we can secure favourable terms in the current market. As a major player in the Aged Care sector for over 50 years, Gow-Gates has one of the largest Aged Care books in Australia. Our highly experienced team has the expertise and market leverage to provide solutions to the rising cost of insurance and retreating insurance markets.
Your current broker may not be in a position to leverage markets to replace the policies Zurich are no longer providing. Gow-Gates are in a unique position where we may be able to offer insurable solutions that adequately protects the risk profile of aged care providers.
Given the current market conditions, if you are concerned about your ongoing insurance arrangements, please don’t hesitate to contact Gow-Gates Insurance Brokers.
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