COMarshMcLennanMarshOliverWyman2024GENERALANDPROPESSIONALLABIIBENCHMARKREPORTFor senior living and long-term care providersSeptember2024MarshMcLennan
ContentsFlorida.....47GeorgiaKentuckv.分.....................................................................MarylandSMssohusets..5596NewJersey.NorthCarolina..Ohio.Pennsylvan..............63a.14Tex.a...........................65RPackares..................................67@MarshMclennan
2024 General and Professional Liability Benchmark ReportForSenior Living and Long-TermCare ProvidersIntroductiorIntroductionScopeOliver Wyman Actuarial Consulting, Inc. (Oliver Wyman) and the Senior Living & Long-Term Care Industry Practice of MarshLL ( Marsh prfomed an actuaial benthmark anal sof the U.s enerl lility anoprofessinal libility (GL/PL) exposures of senior living and long-term care providers.Thisreviewincludes thefllowing analys:Estimation of countrywide and state-specific trends separately for claim costs, severity, and frequency.Estimation of countrywide and state-specific claim costsxamination of the relationship between indemnity costs and expense costReview of the arcident vear by report year relationship.Examination of cost differentials for sklled nursing failities and senior living communitiesAn analysis of claims in excess of $1 million.We welcome feedback and are available to address anv auestions readersmav have.Pleasedirect anvauestionsorcomments toLTCBenchmark(@oliverwvman.comL10LLJohn Atkinson, Managing DirectorFCAS,MAAALeader,MarshiSeniorLiving<C ndustry hatice+121598243146303479133 patrick orourke @oliverwyman.com.john.atkinson@marsh.comICaRlean'ymoeeu饥MollyColleary, PrincipallMichael Pokora, Managing DirectorFCAS,MAAAMarshSeniorLving<CIndustry Pratice,+12023315488+13127717011molly,colleary@oliverwyman.com.RajeshSahasrabuddhe, Partner,Tara Clayton,J1.D, Managing DirectorFCAS,MAAAMarsh Senior Liwing<CIndustry Practice,+12152461028+1502387-0001rajiesh,sathasrabuddhe@oliverwyman.com,tara.clayton@marsh.comHRLJaylen Reichner,Consultant;MAAAjaylen.reichner@oliverwyman.com.@MarshMcLennar
2024 General and Professional Liability Benchmark ReportForSenior Living and Long-TermCare ProvidersOliverWyman&MarshOliver Wyman&MarshMarsh and Oliver Wyman are businesses of Marsh Mclennan (NYSE: MMC), the world's leadingprofssional sevices frm inthe res of isk, sratey and peopl.With anualrevenue of 23 bilion,Marsh Mclennan helps clients navigate an increasingly dynamic and complex environment through foumarket-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, isitimmc.com orfollowus on LinkedIn andXAboutOliver Wyman liver Wyman uses mathematical and statistical modeling and qualitative assessment methodologies toassist lients in evaluating and addressing risk Our solutions helpclients man potentil fnancal consequences of uncertain future events. We bring a combination of road-basedexpertise with specialied knowledge of spedfic risks, llowing us to provide independent. obiective advicin three primary areas of risk: property...
