Better for industry
It's no secret that we are in a hard insurance market. Driven by global factors, domestic natural disasters and mounting uncertainty, insurance premiums are hitting everyone's hip pockets that little bit harder.
First raised in a group forum by RLC members at the September, 2020 RLC Board Meeting it was deemed that industry needed to act. In response to this a working group was formed in September 2020. This working group was formed with the intention of identifying a potential pathway for industry to achieve lowered insurance premiums.
The members of this working group are:
- Andrew Giles (Chair), HT Retirement
- Douglas Borrows, RetireAustralia
- Christine Osgood, Living Choice Australia
- Glen Smallwood, Stockland
- Peter Quinn, RCA Villages
- Natalie Woerndle, RCA Villages
- Andrew Bourne, The Parks Villages
Now a year on, there has been significant progress. After undertaking research and discussions with various insurance brokers, it was deemed that the most appropriate way for the group to achieve its goal was to approach various brokers to discuss establishing a preferred industry insurance partner that can competitively support the pricing of premiums and excesses through a better approach to educating insurers and operators about risks and better risk management.
Having received informal capability reports in response to an EOI sent out by the RLC, there is now a shortlist of interested insurers that have this week been undergoing interviews with members of the working group. By establishing a preferred industry insurance partner, it can be assured that the retirement living industry will have an educated, empathetic and responsive insurance partner. These are key factors to establishing a successful future for the retirement living industry and the potential insurance partners.
The successful candidates after these interviews will be invited to submit a more formal business tender which will be submitted and reviewed with a successful candidate towards the end of 2021.
We look forward to bringing you more news on this shortly. Please contact [email protected] if you have any questions.