Healthcare Industry Insurance Industry Insights | Brit

OVERVIEW

Insurance experts in the Healthcare industry

We understand the critical role healthcare professionals play in our society. As experts in providing tailored insurance solutions for the healthcare industry, we are committed to supporting our brokers and clients in navigating the unique risks and liabilities that accompany this vital sector.

The healthcare landscape is constantly evolving with industry consolidation, changing payer and provider relationships, the adoption of electronic medical records, and much more. We recognise the need for comprehensive coverage to protect healthcare businesses from potential risks, such as malpractice, other liabilities, cyber attacks, property exposures, and more.

Our underwriting is designed to empower brokers and their clients with the peace of mind needed to focus on providing exceptional care.

news & trends

Healthcare industry insurance news and trends

In the dynamic landscape of the healthcare industry, staying informed about emerging risks and trends is essential for your success. Our resources aim to empower brokers and healthcare organizations with the information they need to adapt proactively to industry developments.

Healthcare industry trends you might find useful to know about include:

    • Advancements in Medical Technology:
      The integration of technology into healthcare services is rapidly changing the landscape, impacting patient care and data management.

    • Focus on Patient-Centric Care: There is a shift towards patient-centric care models, emphasising personalised and holistic approaches to healthcare delivery.

    • Mental Health Awareness: Increasing recognition of mental health issues has led to greater demand for mental health services and specialised insurance coverage.

    • Regulatory Changes and Compliance: Evolving healthcare regulations may affect how healthcare organisations operate, making it crucial to stay compliant.

    • Social inflation: Increasing litigation costs

Staying up to date with these trends is vital to making informed decisions and protecting your healthcare business effectively. Read more with our latest articles and insights relevant to the healthcare industry:

    • A study by Bain & Company found that US healthcare providers are increasing the amount of money they are spending on IT and software with AI front of mind. Eric Berger, stated “The best [healthcare] vendors will offer AI and other technologies that create clear returns to providers and help mitigate structural challenges facing the US healthcare industry.”

      Read more

    • In the US, in July 2023, the Biden administration announced a package of changes to regulations to improve access to critical care within mental health services. Legislation passed at the end of September 2023, means that healthcare insurers can now face fines if they don’t follow federal mental health pay parity requirements.

      Read more

    • The healthcare industry evolves continuously, necessitating responsive updates to U.S. healthcare laws and regulations. These complex trends demand proactive action to secure access to quality healthcare services from American hospitals and health systems in the future.

      Read more

    • 65% of healthcare consumers expect a more convenient experience from their provider and 70% expect a higher level of “responsiveness” than they would have, compared with three years ago.

      Read more

    • Social inflation, stems from shifts in public perception of litigation and corporations. Contributing elements include the rise in third-party litigation funding for bodily injury and wrongful death cases. These factors are driving a trend of corporations being left vulnerable to nuclear verdicts.

      Read more

news & trends

risks

What are the risks within the healthcare industry?

The healthcare industry faces diverse risks and liabilities that demand comprehensive insurance coverage. Some of the risks that can be found within the healthcare industry include, but aren’t limited to:

  • Malpractice and negligence - Healthcare professionals may face claims of negligence or errors in their services, which can result in legal battles, financial liabilities, and damage to their professional reputation.
    • Bodily Injury and property damage - Healthcare facilities may face liability claims due to accidents resulting in bodily injury or property damage on their premises, which could impact their financial stability and reputation.
  • Data protection and cybersecurity - With the increasing reliance on technology, healthcare organisations face the risk of data breaches and cyber-attacks, which can compromise patient information and result in legal and financial consequences.
  • Terrorism and acts of violence - Healthcare facilities can be vulnerable to acts of violence or terrorism, posing risks to staff, patients, and the continuity of operations.
  • Business interruption due to covered events - Disruptions caused by events like cyber attack or breaches, natural disasters or pandemics can significantly impact healthcare operations, leading to financial losses and potential patient safety concerns.
  • Billings and regulatory liabilities - Costs associated with regulatory investigations and audits eg, HIPAA, CMS audits, DOJ.

By securing our healthcare insurance solution, clients can take care of their patients, knowing that they are protected against these potential risks.

risks

insurance types

What types of insurance do healthcare organisations need?

In the ever-changing healthcare landscape, it’s essential to have the right insurance protection in place. We recommend the following insurance types for healthcare organisations, though your clients are not limited to these products alone:

insurance types

Cyber Insurance

Protects against data breaches and cyber threats, safeguarding sensitive patient information.

Terrorism Insurance

Provides coverage in the event of terrorist acts that may impact healthcare facilities.

Property Insurance

Safeguards healthcare organisations against property damage and loss.

Healthcare Liability Insurance

Covers potential liabilities arising from malpractice and errors in professional services.

Each of these insurance types plays a crucial role in mitigating risks within the healthcare industry, and our experts can further customise coverage to fit your clients' specific needs. 

Insurance cover

What types of healthcare professionals do we cover?

We have a broad appetite for a variety of professions & organisations within the healthcare sector. Our insurance solutions cater to various healthcare businesses and occupations, including but not limited to:

  • Hospitals and health systems
  • Allied healthcare providers
  • Imaging and surgery centres
  • Other outpatient services
  • Home healthcare
  • Individual clinicians

If you are a broker seeking insurance for your healthcare clients, rest assured that our solutions are tailored to meet their specific needs and eligibility criteria.

Not sure if your client is suitable for our insurance products? Reach out to us, and our dedicated team will be glad to help.

Insurance cover

Our healthcare experts

Meet our team of experienced professionals, specialising in healthcare industry insurance. With a vast range of expertise within the healthcare industry, our team is well equipped to handle any unique challenge your client may face and provide bespoke solutions to meet their needs.

Get to know our healthcare insurance teams:
Healthcare liability
Cyber
Terrorism