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1、 Marsh McLennan 2024 GENERAL AND PROFESSIONAL LIABILITY BENCHMARK REPORT For senior living and long-term care providers September 2024 Contents Marsh McLennan Contents Introduction.1 Scope.1 Oliver Wyman&Marsh.2 About Oliver Wyman.2 About Marsh.2 Executive Summary.3 Background.3 Data.3 Senior Living

2、:Countrywide Findings.5 Long-Term Care:Countrywide Findings.7 Senior Living:Cost Comparison.9 Inflation.9 1.COVID-19 Pandemic Claims.11 2.Senior Living Indemnity and Expense Statistics.12 3.Long-Term Care Indemnity and Expense Statistics.15 4.Claim Costs by Close Lag.17 5.Large Loss Activity.18 6.Se

3、nior Living Cause of Loss.19 7.Long-Term Care Cause of Loss.22 8.Senior Living State-Specific Statistics.25 8.1.State Comparison.25 8.2.California.27 8.3.Florida.29 8.4.Illinois.31 8.5.New York.33 8.6.Pennsylvania.35 8.7.Texas.37 9.Long-Term Care State-Specific Statistics.39 9.1.State Comparison.39

4、9.2.California.41 9.3.Colorado.43 9.4.Connecticut.45 Contents Marsh McLennan 9.5.Florida.47 9.6.Georgia.49 9.7.Kentucky.51 9.8.Maryland.53 9.9.Massachusetts.55 9.10.New Jersey.57 9.11.North Carolina.59 9.12.Ohio.61 9.13.Pennsylvania.63 9.14.Texas.65 R Packages.67 Conditions and Limitations.68 Glossa

5、ry.69 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Introduction Marsh McLennan 1 Introduction Scope Oliver Wyman Actuarial Consulting,Inc.(Oliver Wyman)and the Senior Living&Long-Term Care Industry Practice of Marsh LLC(Marsh)performed an ac

6、tuarial benchmark analysis of the U.S.general liability and professional liability(GL/PL)exposures of senior living and long-term care providers.This review includes the following analyses:Estimation of countrywide and state-specific trends separately for claim costs,severity,and frequency.Estimatio

7、n of countrywide and state-specific claim costs.Examination of the relationship between indemnity costs and expense costs.Review of the accident year by report year relationship.Examination of COVID-19 related claims and claims costs.Examination of cost differentials for skilled nursing facilities a

8、nd senior living communities.An analysis of claims in excess of$1 million.Analysis of cause of loss descriptions.We welcome feedback and are available to address any questions readers may have.Please direct any questions or comments to LTCB.Patrick ORourke,Senior Principal FCAS,MAAA+1 215 982 4314 J

9、ohn Atkinson,Managing Director Leader,Marsh Senior Living<C Industry Practice+1 630 347 9133 Molly Colleary,Principal FCAS,MAAA+1 202 331 5488 Michael Pokora,Managing Director Leader,Marsh Senior Living<C Industry Practice+1 312 771 7011 Rajesh Sahasrabuddhe,Partner FCAS,MAAA+1 215 246 1028 Tara

10、 Clayton,J.D.,Managing Director Marsh Senior Living<C Industry Practice+1 502 387-0001 Jaylen Reichner,Consultant ACAS,MAAA+1 215 982-8042 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Oliver Wyman&Marsh Marsh McLennan 2 Oliver Wyman&Marsh

11、Marsh and Oliver Wyman are businesses of Marsh McLennan(NYSE:MMC),the worlds leading professional services firm in the areas of risk,strategy and people.With annual revenue of$23 billion,Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading

12、 businesses:Marsh,Guy Carpenter,Mercer and Oliver Wyman.For more information,visit or follow us on LinkedIn and X.About Oliver Wyman Oliver Wyman uses mathematical and statistical modeling and qualitative assessment methodologies to assist clients in evaluating and addressing risk.Our solutions help

13、 clients manage and prepare for the potential financial consequences of uncertain future events.We bring a combination of broad-based expertise with specialized knowledge of specific risks,allowing us to provide independent,objective advice in three primary areas of risk:property and casualty,health

14、care,and life and annuity.About Marsh For over two decades,Marshs Senior Living<C Industry Practice has provided insurance and risk management consulting services to the industry.Our team of specialists has the deep experience,knowledge,and commitment to help clients identify the most pressing exi

15、sting and emerging risks and take action to protect their organizations.We deliver best-in-class transactional and advisory solutions that help address the complex risk financing,risk management,and human capital needs of operators and equity providers within the senior living and long-term care ind

16、ustry.We provide value to clients every day through a unified focus on industry,advanced analytics,advisory and emerging digital technology.Marsh is the worlds leading insurance broker and risk advisor.With more than 45,000 colleagues advising clients in over 130 countries,Marsh serves commercial an

17、d individual clients with data-driven risk solutions and advisory services.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive Summary Marsh McLennan 3 Executive Summary Background We developed the principal findings in this study on a co

18、untrywide basis.We have also provided state-level findings where we deemed the data and results to be credible.The results by state can vary widely and are directly influenced by the claims history of the participants data.To reduce the influence of large claim settlements,we limited the claims data

19、,indemnity plus allocated claims adjustment expense(“expense”),to$1 million on a per-occurrence basis.Allocated claims adjustment expenses are directly attributable to settling and defending specific claims.Similarly,we have excluded claims with payments of less than$100 to remove any bias from nuis

20、ance claims.In addition,we removed claims identified as relating to the COVID-19 pandemic to mitigate any effect these claims may have on the overall indications.However,we include a discussion and statistics around both COVID-19 claims and large claims in excess of$1 million.Understanding that ther

21、e are differences in case reserving practices between participants,this analysis applies actuarial models to closed claim data to develop estimates on a report year basis.This analysis is an update to our 2020 and 2022 benchmarking reports prepared by Oliver Wyman and Marsh.However,due to changes in

22、 the underlying data along with report modifications discussed below,the findings may not be directly comparable to prior versions.We note the following material changes to this years report.Data pertaining to roughly 50%of the senior living and long-term care participants are either new to the stud

23、y this year,chose not to participate this year,or did not provide updated year-end 2023 data.As participants enter or leave the study in successive reports,this can yield additional uncertainty and volatility in the estimates produced throughout this report.Our prior reports focused on occurrence ye

24、ar data.Occurrence year losses add additional uncertainty to our indications due to the latency from when an accident occurs and when it is ultimately reported.The COVID-19 pandemic exacerbated this uncertainty as it elongated the time from when a claim occurs to when it is ultimately settled.To mit

25、igate some of this uncertainty and eliminate the need to consider pure“IBNR”,or losses that have been incurred but not yet reported,we have shifted the focus of this report to analyze report year losses.We believe this approach helps produce a more accurate depiction of ultimate claim count and loss

26、 estimates.Data Oliver Wyman asked senior living and long-term care providers and insurers to submit their general liability and professional liability claims and exposure data to support this review.We have not attempted to audit this data or reconcile data across various valuations.Roughly fifty p

27、roviders submitted data for this analysis.Our analysis focuses on paid and closed claim data comprised of nearly 10,300 closed claims with approximately$1.8 billion1 in paid indemnity and expense over the past ten years.We do not consider open claims in this report due to the varying case reserving

28、practices of each participant.The participants in this study include independent living,assisted living,1 As noted,these amounts are limited to$1 million and exclude claims less than$100.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive

29、 Summary Marsh McLennan 4 memory care,and skilled nursing providers.In total,this analysis includes the exposure associated with approximately 243,000 senior living and long-term care units.We have separated the claims and exposure data into long-term care:those exposures relating to skilled nursing

30、 facilities;and senior living:those exposures relating to independent living,assisted living,and memory care providers.This separation is consistent with our 2022 report.We present the composition of the long-term care and senior living data in Table 1 and Figure 1.Table 1:Long-Term Care and Senior

31、Living Data Distribution%of Units%of Closed Claims%of Paid Claims Long-Term Care 39%76%79%Senior Living 61%24%21%Figure 1:Long-Term Care and Senior Living Occupied Unit Distribution 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive Summ

32、ary Marsh McLennan 5 Senior Living:Countrywide Findings We present our senior living countrywide findings in Table 2.Table 2:Senior Living Indemnity and Expense Limited to$1 Million per Occurrence Component 2024 Report Year Projections Assumed Annual Trend Frequency 0.31 0.6%Severity$246,800 3.8%Los

33、s Rate$760 4.4%We developed our forecasts using countrywide experience through December 31,2023.As noted,we present metrics for claims limited to$1 million per occurrence,excluding claims with payment values less than$100 and any claims relating to the COVID-19 pandemic.Claim frequency is the number

34、 of claims estimated to close with payment(indemnity or expense)per 100 occupied units.We forecast frequency to be 0.31 claims per 100 occupied units in the 2024 report year.We project claim frequency to increase in 2024 by 0.6%.Claim severity is the average ultimate size of a claim estimated to clo

35、se with payment(indemnity or expense).We forecast claim severity to be$246,800 on a countrywide basis in the 2024 report year.We project claim severity to increase by 3.8%in 2024.The loss rate represents the cost needed to pay indemnity or expense per occupied unit.We forecast the loss rate to be$76

36、0 on a countrywide basis in the 2024 report year.We project loss rates to increase by 4.4%in 2024.Figure 2 provides the estimated loss rates for the past ten report years,along with our projected 2024 loss rate,while Figure 3 analyzes frequency.Figure 2:Senior Living Countrywide$1 Million Loss Rate

37、Indicated Annual (2024)Loss Rate Trend +4.4%(Excludes Impact of COVID-19)2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive Summary Marsh McLennan 6 Figure 3:Senior Living Frequency Indicated Annual (2024)Frequency Trend 0.6%(Excludes Im

38、pact of COVID-19)Figure 4 provides the estimated severity for the past ten report years,along with our projected 2024 severity.Figure 4:Senior Living Severity Indicated Annual(2024)Severity Trend +3.8%(Excludes Impact of COVID-19)2024 General and Professional Liability Benchmark Report For Senior Li

39、ving and Long-Term Care Providers Executive Summary Marsh McLennan 7 Long-Term Care:Countrywide Findings We present our long-term care countrywide findings in Table 3.Table 3:Long-Term Care Indemnity and Expense Limited to$1 Million per Occurrence Component 2024 Report Year Projections Assumed Annua

40、l Trend Frequency 1.10 0.3%Severity$270,000 3.7%Loss Rate$2,970 4.0%We developed our forecasts using countrywide experience through December 31,2023.As noted,we present metrics for claims limited to$1 million per occurrence,excluding claims with payment values less than$100 and any claims relating t

41、o the COVID-19 pandemic.We forecast frequency to be 1.10 claims per 100 occupied units in the 2024 report year.We project claim frequency to increase in 2024 by 0.3%.We forecast claim severity to be$270,000 on a countrywide basis in the 2024 report year.We project claim severity to increase by 3.7%i

42、n 2024.We forecast the loss rate to be$2,970 on a countrywide basis in the 2024 report year.We project loss rates to increase by 4.0%in 2024.Figure 5 provides the estimated loss rates for the past ten report years,along with our projected 2024 loss rate.Figure 5:Long-Term Care Countrywide$1 Million

43、Loss Rate Indicated Annual (2024)Loss Rate Trend +4.0%(Excludes Impact of COVID-19)2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive Summary Marsh McLennan 8 Figure 6 provides the estimated frequency for the past ten report years,along

44、with our projected 2024 frequency.As shown below,the estimated frequency has remained relatively flat over the past few years.Figure 6:Long-Term Care Frequency Indicated Annual (2024)Frequency Trend +0.3%(Excludes Impact of COVID-19)Figure 7 provides the estimated severity for the past ten report ye

45、ars,along with our projected 2024 severity.Figure 7:Long-Term Care Severity Indicated Annual(2024)Severity Trend +3.7%(Excludes Impact of COVID-19)2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive Summary Marsh McLennan 9 Senior Living:

46、Cost Comparison As the senior living participant data contains a mixture of various acuities including assisted living,independent living,and memory care,we examined the claim cost relationships relative to the indicated total countrywide loss rate.We present our findings in Table 4.Table 4:Senior L

47、iving Cost Comparison Facility Estimated Cost Relativity 2024 Projected Report Year Loss Rate Independent Living$0.175$133 Assisted Living$0.825$627 Memory Care$1.850$1,406 2024 Total Countrywide Loss Rate Projection$760 The 2024 projected loss rates for independent living,assisted living,and memory

48、 care are a product of the 2024 countrywide loss rate projection and the estimated cost relativities.Inflation While the current annual inflation rate in the United States hovers around 3.0%,we do not explicitly include any consideration of the inflationary environment in determining these estimates

49、.Such considerations may include excessive influences on increasing wages and medical expenses,as well as the high cost of social inflation which is resulting in increasing claim costs above general economic inflation.Figure 8 presents the rolling 12-month changes in the consumer price index(CPI).Th

50、e rate of increase for“nursing home and adult day services”was lower than the“all items”inflation in most of 2021 and all of 2022.However,there has been a reversal since early 2023 where“nursing home and adult day services”has outpaced“all items”inflation and is now closer to 6.0%.We recognize that

51、the change in the CPI may not be indicative of the change in claim costs;however,this data does demonstrate that not all costs are increasing at the same rate.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Executive Summary Marsh McLennan 10 F

52、igure 8:12-Month Changes in Consumer Price Index The chart shown above pertains to“nursing home and adult day services.”Other sources referencing rising healthcare costs indicate annual healthcare inflation trends of around 7.0%to 10.0%:PwC2 projects“an 8%year-on-year medical cost trend in 2025 for

53、the Group market and 7.5%for the Individual market,driven by inflationary pressure,prescription drug spending and behavioral health utilization.”Mercer3 states in their 2024 The CFO Perspective on Health,“For the past two decades,average annual health benefit cost increases have typically run 1%to 2

54、%above CPI,but even to maintain that level of cost growth will be difficult.”In a 2024 article published by SHRM4,the author references a survey published by Buck(now part of Gallagher)which found the following:“medical costs for employer-sponsored plans continue to outpace inflation,rising on avera

55、ge between 6.8 percent and 7.3 percent.”2 https:/ 3 https:/ https:/www.shrm.org/topics-tools/news/benefits-compensation/health-care-costs-2024-growth-wtw-buck 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers COVID-19 Pandemic Claims Marsh McLenn

56、an 11 1.COVID-19 Pandemic Claims While the loss rates,severity,and frequency indications discussed throughout this report exclude claims relating to the COVID-19 pandemic,we reviewed certain COVID-19 claims statistics for long-term care and senior living on a combined basis.In our prior report,the m

57、ajority of claims originating from COVID-19 were listed as open.Currently,roughly 95%of claims identified as COVID-19 are closed.Claims were identified as COVID-19 either through a specific COVID-19/pandemic indicator or through information contained within the claim description.Approximately 85%of

58、all COVID-19 claims were reported in 2020.Since 2020,we have observed a continued reduction in the number of claims originating from the pandemic.We present our findings in Table 5.Table 5:Long-Term Care and Senior Living COVID-19 Claims Statistics Report Year Number of Closed Claims Percent of All

59、Closed Claims Relating to COVID-19 Percent of COVID-19 Claims Closed Without Payment Average Indemnity Severity of COVID-19 Claims Closed With Payment Average Expense Severity of COVID-19 Claims Closed With Payment 2020 4,540 64.1%97.8%$24,471$12,796 2021 538 23.5%95.0%$47,143$47,323 2022 203 10.3%9

60、6.6%$85,000$7,749 2023 46 3.7%95.7%$50,000$279 Nearly two thirds of all closed claims reported in 2020 related to COVID-19.This percentage has steadily decreased year-over-year with under 4%of closed claims reported in 2023 relating to COVID-19.The majority of all COVID-19 claims close without payme

61、nt and this percentage has remained at 95%or greater since the start of the pandemic.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living Indemnity and Expense Statistics Marsh McLennan 12 2.Senior Living Indemnity and Expense Statisti

62、cs The indemnity and expense statistics in this section include claims closed within seven years of the year reported.These claims represent 98.7%of all closed senior living claim counts in our database.Figure 9 presents a history of closed indemnity and expense only claims at historical cost levels

63、.As noted,the data underlying our review only includes claims with payment,and Figure 9 provides the distribution of those claims.The portion of claims involving indemnity payments is 83%in 2023.Claims involving indemnity payments ranged from 75%to 81%in 2014 through 2017,but rose to 86%in 2018 with

64、 a high of 87%in 2021.Figure 9:Senior Living Claims Counts by Closed Year 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living Indemnity and Expense Statistics Marsh McLennan 13 Figure 10 presents a history of the average paid indemnit

65、y amounts and average paid expense amounts on claims closed with indemnity payment.The average paid indemnity and paid expense amounts have increased since the levels observed in 2014-2016,though we observe volatility in the year-over-year severities.Figure 10:Senior Living Claims with Indemnity Dis

66、tribution of Indemnity and Expense 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living Indemnity and Expense Statistics Marsh McLennan 14 Figure 11 presents the average paid expense amounts on claims closed without indemnity payment(e

67、xpense only claims).Beginning in 2017,the average paid expense amounts are generally higher than those observed in years 2014 through 2016.Figure 11:Senior Living Average Severity Expense Only Claims 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Provid

68、ers Long-Term Care Indemnity and Expense Statistics Marsh McLennan 15 3.Long-Term Care Indemnity and Expense Statistics The indemnity and expense statistics in this section include claims closed within seven years of the year reported.These claims represent 96.0%of all closed long-term care claim co

69、unts in our database.Figure 12 presents a history of closed indemnity and expense only claims at historical cost levels.As noted,the data underlying our review only includes claims with payment and Figure 12 provides the distribution of those claims.The portion of claims involving indemnity payments

70、 is 80%in 2023.While claim counts are decreasing since 2019 after increasing steadily from 2014 through 2019,we have observed no noticeable trend in the percentage of indemnity claims in the past ten years.Figure 12:Long-Term Care Claims Counts by Closed Year 2024 General and Professional Liability

71、Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care Indemnity and Expense Statistics Marsh McLennan 16 Figure 13 presents a history of the average paid indemnity amounts and average paid expense amounts on claims closed with indemnity payment.The average paid indemnity and

72、 expense amounts in 2022 and 2023 are higher than the preceding six years.Figure 13:Long-Term Care Claims with Indemnity Distribution of Indemnity and Expense Figure 14 presents the average paid expense amounts on claims closed without indemnity payment(expense only claims).Average paid expense amou

73、nts appear to be volatile and vary year-over-year.Figure 14:Long-Term Care Average Severity Expense Only Claims 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Claim Costs by Close Lag Marsh McLennan 17 4.Claim Costs by Close Lag We analyzed cl

74、osed claims by closing lag(lag from report year to close year)to determine the change in costs associated with various claim durations for long-term care and senior living on a combined basis.For credibility purposes,we grouped claims closing after five years and also considered loss experience for

75、claims reported in the past 20 years where available.This resulted in a greater pool of claims than described in the Data section of this report.As anticipated,claims that are more significant and involve litigation remain open longer and tend to settle for higher values.Table 6 presents the distrib

76、ution and average values of all claims closed with payment by claim duration.Table 6:Long-Term Care and Senior Living Indemnity and Expense Severity by Closing Lag Close Lag(Years)Claim Counts Distribution of Claim Counts Paid Indemnity and Expense Distribution of Payments Closed Claim Severity 1 82

77、3 5%$32,045,946 1%$38,938 2 3,032 18%$285,969,854 10%$94,317 3 4,123 25%$638,449,829 22%$154,851 4 3,770 23%$711,996,429 25%$188,858 5+5,007 30%$1,225,349,216 42%$244,727 Total 16,755 100%$2,893,811,274 100%$172,713 Table 7 presents the distribution and average values for all claims closed with inde

78、mnity payment by claim duration.Table 7:Long-Term Care and Senior Living Claims with Indemnity Payment Severity by Closing Lag Close Lag(Years)Claim Counts Distribution of Claim Counts Paid Indemnity and Expense Distribution of Payments Closed Claim Severity 1 655 5%$31,436,056 1%$47,994 2 2,291 17%

79、$281,802,873 10%$123,004 3 3,216 24%$630,102,070 22%$195,927 4 2,994 23%$699,972,384 25%$233,792 5+4,143 31%$1,194,647,216 42%$288,353 Total 13,299 100%$2,837,960,599 100%$213,397 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Large Loss Activ

80、ity Marsh McLennan 18 Table 8 presents the distribution and average values for claims closed with expense payment only by claim duration.Table 8:Long-Term Care and Senior Living Expense Only Severity by Closing Lag Close Lag(Years)Claim Count Distribution of Claim Count Paid Expense Dollars Distribu

81、tion of Paid Dollars Closed Claim Severity 1 168 5%$609,890 1%$3,630 2 741 21%$4,166,981 7%$5,623 3 907 26%$8,347,760 15%$9,204 4 776 22%$12,024,045 22%$15,495 5+864 25%$30,702,000 55%$35,535 Total 3,456 100%$55,850,676 100%$16,160 5.Large Loss Activity Throughout this report we have focused on inde

82、mnity and expense limited to$1 million on a per-occurrence basis.The following section examines claim activity in excess of$1 million.In total,we observed 319 closed claims that have exceeded$1 million.16%of these claims relate to senior living and 84%relate to long-term care.For claims that have ex

83、ceeded$1 million,the total average indemnity and expense cost is$2.183 million for senior living and$1.758 million for long-term care.These statistics can be observed in Table 9,below.Table 9:Long-Term Care and Senior Living Claims in Excess of$1M Claims Closed with Payment Average Paid Indemnity an

84、d Expense(Excess of$1M)Senior Living 51$1,182,730 Long-Term Care 268$758,000 For large senior living claims we make the following observations:We have identified the following primary cause of loss:31.4%are fall 15.7%are abuse 9.8%are choking It appears the number of large claims in 2017 through 201

85、9 are more than twice the number of claims observed in years 2014 through 2016.Years 2020 through 2023 are too immature to make any determination regarding large claim frequency as most potential large claims remain open.67%of observed large claims come from three jurisdictions:California represente

86、d 33%of claims Florida represented 20%of claims Arizona represented 14%of claims 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living Cause of Loss Marsh McLennan 19 For large long-term claims we make the following observations:We have

87、 identified the following primary cause of loss:20.1%are fall 13.1%are infection 10.1%are skin/wound injury It appears the number of large claims from 2014 through 2019 were relatively constant.There was no discernable trend in the number of large claims per year.Years 2020 through 2023 are too imma

88、ture to make any determination regarding large claim frequency as most potential large claims remain open.62%of observed large claims come from five jurisdictions:Florida represented 17%of claims Arizona represented 13%of claims California represented 12%of claims Kentucky represented 11%of claims G

89、eorgia represented 9%of claims 6.Senior Living Cause of Loss We examined average projected claim cost on 12 commonly identified cause of loss types.The paid indemnity and expense amounts were trended to the 2024 cost level.We also present the 2024 projected closed claim severity.We present our findi

90、ngs in Table 10 and Figure 15.Table 10:Senior Living Cause of Loss Claim Statistics Cause of Loss Claims Closed with Payment Percent of Total Claims Closed with Payment Paid Indemnity and Expense (2024 Cost Level)2024 Closed Claim Severity Fall:Resident 963 70.91%$199,998,360$207,683 Fall:Non-reside

91、nt 30 2.21%$1,298,280$43,276 Fracture:Non-fall 30 2.21%$6,773,188$225,773 Skin/Wound Injury 65 4.79%$17,366,625$267,179 Elopement/Missing Resident 14 1.03%$3,440,451$245,746 Abuse 100 7.36%$33,557,017$335,570 Transfer Injury 21 1.55%$2,397,566$114,170 Medication Variance 58 4.27%$8,974,697$154,736 M

92、edical Records Request(MRR)19 1.40%$4,264,302$224,437 Infection5 17 1.25%$2,664,677$156,746 No-Injuries 16 1.18%$849,305$53,082 Choking 25 1.84%$9,212,709$368,508 5 Wound infections may be classified as Infection rather than Skin/Wound Injury based on accident description.2024 General and Profession

93、al Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living Cause of Loss Marsh McLennan 20 As shown in Table 10 and Table 11,older adults are at high risk for falls,and falls with injury are the most prevalent claim for senior living and long-term care providers.Even

94、though providers devote a significant amount of time and resources to programs and systems to help mitigate falls in their communities,it is widely acknowledged by healthcare agencies and governmental services across the country that elderly individuals living in any type of housing are at risk for

95、falls.Outside of well-developed programs that include robust assessments and even the use of artificial intelligence,providers can also look at enhancing their communication by having candid conversations about the risk of falls with prospects,families,and residents.Often referred to as“realistic ex

96、pectations,”the goal is to communicate about the risk of falls prior to a resident moving into the community as well as throughout the residency,as a residents intrinsic factors change.In order to do this effectively,providers should consider a well-defined process,materials,and tools to facilitate

97、discussion and disclosure about falls management.In the Marsh Senior Living<Cs Practices resource document,Consideration for Setting Realistic Expectations for Fall Events in Senior Living Communities,we outline the elements that go into developing a process and tools to add this aspect to your fa

98、lls management strategy.The considerations include:General education about the prevalence for falls in older adults Documentation of receipt of information about falls Steps to take to implement the process Staff training,including sales staff Marketing material review Realistic expectations and com

99、munication are an important aspect of falls management and can be added to the company-wide falls management program.Figure 15:Senior Living Cause of Loss Claim Scatterplot 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living Cause of

100、Loss Marsh McLennan 21 The word cloud in Figure 16 contains the most frequently observed words in each claim description.The larger and bolder words appear more often in the various data sets.We have not attempted to alter or filter any of the accident descriptions.The purpose of these figures is to

101、 demonstrate prevalence of words in the various accident descriptions.Figure 16:Senior Living Frequency Word Cloud The word cloud in Figure 17 contains those words with the highest associated loss and expense claim amounts.The larger and bolder words are associated with a higher percentage of claim

102、amounts.Figure 17:Senior Living Severity Word Cloud 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care Cause of Loss Marsh McLennan 22 7.Long-Term Care Cause of Loss The various claims listing included in the participant data contai

103、ned a wide array of claim descriptions.For long-term care,we examined average projected claim cost on 12 commonly identified cause of loss types.The paid indemnity and expense amounts were trended to the 2024 cost level.We also present the 2024 projected closed claim severity.We present our findings

104、 in Table 11 and Figure 18.Table 11:Long-Term Care Cause of Loss Claim Statistics Cause of Loss Claims Closed with Payment Percent of Total Claims Closed with Payment Paid Indemnity and Expense (2024 Cost Level)2024 Closed Claim Severity Fall:Resident 1,840 46.88%$448,847,317$243,939 Fall:Non-reside

105、nt 140 3.57%$8,205,373$58,610 Fracture:Non-fall 148 3.77%$35,462,907$239,614 Skin/Wound Injury 773 19.69%$220,189,347$284,850 Elopement/Missing Resident 23 0.59%$5,826,032$253,306 Abuse 187 4.76%$52,383,903$280,128 Transfer Injury 111 2.83%$26,168,849$235,755 Medication Variance 139 3.54%$38,646,631

106、$278,033 Medical Records Request(MRR)59 1.50%$8,482,899$143,778 Infection6 461 11.75%$153,144,130$332,200 No-Injuries 9 0.23%$1,328,576$147,620 Choking 35 0.89%$13,798,092$394,231 6 Wound infections may be classified as Infection rather than Skin/Wound Injury based on accident description.2024 Gener

107、al and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care Cause of Loss Marsh McLennan 23 Figure 18:Long-Term Care Cause of Loss Claim Scatterplot 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Provider

108、s Long-Term Care Cause of Loss Marsh McLennan 24 The word cloud in Figure 19 contains the most frequently observed words in each claim description.The larger and bolder words appear more often in the various data sets.We have not attempted to alter or filter any of the accident descriptions.The purp

109、ose of these figures is to demonstrate prevalence of words in the various accident descriptions.Figure 19:Long-Term Care Frequency Word Cloud The word cloud in Figure 20 contains those words with the highest associated loss and expense claim amounts.The larger and bolder words are associated with a

110、higher percentage of claim amounts.Figure 20:Long-Term Care Severity Word Cloud 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 25 8.Senior Living State-Specific Statistics 8.1.State Compar

111、ison Figure 21 through Figure 23 present a comparison of the projected 2024 loss rate,frequency,and severity for the states where we deemed the data and results to be credible,along with the countrywide indication identified as the light blue line.In our prior report individual states considered the

112、 number of estimated ultimate claim counts expected to close with pay greater than$100.In this current study,we focus on the actual number of current closed with pay claim counts.Figure 21:Senior Living Loss Rate by State 2024 General and Professional Liability Benchmark Report For Senior Living and

113、 Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 26 Figure 22:Senior Living Frequency by State Figure 23:Senior Living Severity by State The statistics presented in this section are based solely on the data provided by participants.Reduced claim volumes at the state l

114、evel can result in volatility in loss rates,frequency,and severity metrics.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 27 8.2.California Figure 24 through Figure 26 present the loss rat

115、e,frequency,and severity for California based on roughly 350 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:California loss rates and severity remain consistently higher than the countrywide indications.Frequency

116、 has been relatively consistent for the past decade.Figure 24:Senior Living California Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 28 Figure 25:Senior Living California Freque

117、ncy Figure 26:Senior Living California Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 29 8.3.Florida Figure 27 through Figure 29 present the loss rate,frequency,and severity for F

118、lorida based on roughly 550 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Florida loss rates are consistently higher than countrywide indications.Frequency is consistently higher than the countrywide indications

119、 resulting in higher overall loss rates.Figure 27:Senior Living Florida Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 30 Figure 28:Senior Living Florida Frequency Figure 29:Seni

120、or Living Florida Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 31 8.4.Illinois Figure 30 through Figure 32 present the loss rate,frequency,and severity for Illinois based on rou

121、ghly 100 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:In recent years,Illinois loss rates are trending higher than countrywide indications.While the Illinois loss rate dropped in 2017 through 2020,these are exp

122、ected to rise in 2021 and subsequent.Figure 30:Senior Living Illinois Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 32 Figure 31:Senior Living Illinois Frequency Figure 32:Senio

123、r Living Illinois Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 33 8.5.New York Figure 33 through Figure 35 present the loss rate,frequency,and severity for New York based on les

124、s than 100 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:New York loss rates are consistent with countrywide indications in recent years.Estimated frequency has been relatively flat in the past seven years.The v

125、olume of New York data makes these indications less credible than other states.Figure 33:Senior Living New York Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 34 Figure 34:Senior

126、 Living New York Frequency Figure 35:Senior Living New York Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 35 8.6.Pennsylvania Figure 36 through Figure 38 present the loss rate,fr

127、equency,and severity for Pennsylvania based on less than 100 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Pennsylvania loss rates are consistently lower than countrywide indications.The volume of Pennsylvania d

128、ata makes these indications less credible than other states.Figure 36:Senior Living Pennsylvania Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 36 Figure 37:Senior Living Pennsyl

129、vania Frequency Figure 38:Senior Living Pennsylvania Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 37 8.7.Texas Figure 39 through Figure 41 present the loss rate,frequency,and se

130、verity for Texas based on less than 100 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observation on the claims experience:The indicated Texas loss rates and severity estimates are consistently lower than countrywide indications.The volume of Texas

131、data makes these indications less credible than other states.Figure 39:Senior Living Texas Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Senior Living State-Specific Statistics Marsh McLennan 38 Figure 40:Senior Living Texas Frequen

132、cy Figure 41:Senior Living Texas Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 39 9.Long-Term Care State-Specific Statistics 9.1.State Comparison Figure 42 through Figure 44 pre

133、sent a comparison of the projected 2024 loss rate,frequency,and severity for the states where we deemed the data and results to be credible,along with the countrywide indication identified as the light blue line.Figure 42:Long-Term Care Loss Rate by State 2024 General and Professional Liability Benc

134、hmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 40 Figure 43:Long-Term Care Frequency by State Figure 44:Long-Term Care Severity by State The statistics presented in this section are based solely on the data provided by participants

135、.Reduced claim volumes at the state level can result in volatility in loss rates,frequency,and severity metrics.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 41 9.2.California Figure 45

136、through Figure 47 present the loss rate,frequency,and severity for California based on roughly 375 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:The loss rates remain consistently higher than countrywide indicat

137、ions.Frequency has been quite stable in California since 2015.Figure 45:Long-Term Care California Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 42 Figure 46:Long-Term Care Cali

138、fornia Frequency Figure 47:Long-Term Care California Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 43 9.3.Colorado Figure 48 through Figure 50 present the loss rate,frequency,an

139、d severity for Colorado based on roughly 150 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:The lower Colorado loss rates relative to countrywide are the result of lower claim frequency.Frequency indications have

140、 been stable over the past few years.Figure 48:Long-Term Care Colorado Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 44 Figure 49:Long-Term Care Colorado Frequency Figure 50:Lo

141、ng-Term Care Colorado Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 45 9.4.Connecticut Figure 51 through Figure 53 present the loss rate,frequency,and severity for Connecticut b

142、ased on approximately 100 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:The lower Connecticut loss rates relative to countrywide are the result of lower claim frequency and lower claim severity.Both frequency an

143、d severity indications have been volatile,but are consistently lower than countrywide indications.Figure 51:Long-Term Care Connecticut Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLe

144、nnan 46 Figure 52:Long-Term Care Connecticut Frequency Figure 53:Long-Term Care Connecticut Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 47 9.5.Florida Figure 54 through Figure

145、 56 present the loss rate,frequency,and severity for Florida based on approximately 950 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Loss rates have steadily increased since 2014 and remain consistently higher

146、than countrywide indications.Both claim frequency and severity are higher in more recent periods relative to 2014 through 2019.Figure 54:Long-Term Care Florida Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Speci

147、fic Statistics Marsh McLennan 48 Figure 55:Long-Term Care Florida Frequency Figure 56:Long-Term Care Florida Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 49 9.6.Georgia Figure

148、54 through Figure 56 present the loss rate,frequency,and severity for Georgia based on approximately 400 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Loss rates have been marginally better than the countrywide

149、indications since 2015.Claim frequency has improved over the past 10 years.Figure 57:Long-Term Care Georgia Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 50 Figure 58:Long-Term

150、 Care Georgia Frequency Figure 59:Long-Term Care Georgia Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 51 9.7.Kentucky Figure 60 through Figure 62 present the loss rate,frequenc

151、y,and severity for Kentucky based on over 900 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:The loss rates in Kentucky continue to be significantly higher than countrywide indications.Kentucky frequency indicati

152、ons are higher than the countrywide indications,but have been consistent over the past five years.Figure 60:Long-Term Care Kentucky Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLenna

153、n 52 Figure 61:Long-Term Care Kentucky Frequency Figure 62:Long-Term Care Kentucky Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 53 9.8.Maryland Figure 63 through Figure 65 pres

154、ent the loss rate,frequency,and severity for Maryland based on roughly 170 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Maryland frequency appears to be generally increasing over the past decade.While loss rate

155、s increased beginning in 2019,the overall indications have been marginally better than the countrywide indications.Figure 63:Long-Term Care Maryland Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statist

156、ics Marsh McLennan 54 Figure 64:Long-Term Care Maryland Frequency Figure 65:Long-Term Care Maryland Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 55 9.9.Massachusetts Figure 66

157、through Figure 68 present the loss rate,frequency,and severity for Massachusetts based on roughly 150 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:The loss rates in Massachusetts are materially lower than count

158、rywide indications.Massachusetts frequency indications are consistently lower than the countrywide indications and have bene relatively stable over the past decade.Figure 66:Long-Term Care Massachusetts Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Ter

159、m Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 56 Figure 67:Long-Term Care Massachusetts Frequency Figure 68:Long-Term Care Massachusetts Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Sp

160、ecific Statistics Marsh McLennan 57 9.10.New Jersey Figure 69 through Figure 71 present the loss rate,frequency,and severity for New Jersey based on roughly 390 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Loss

161、 rates 2018 and subsequent are consistently higher than the loss rates in 2014 through 2017 and higher than countrywide indications.Severity has remained consistent since 2016.Figure 69:Long-Term Care New Jersey Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and

162、 Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 58 Figure 70:Long-Term Care New Jersey Frequency Figure 71:Long-Term Care New Jersey Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State

163、-Specific Statistics Marsh McLennan 59 9.11.North Carolina Figure 72 through Figure 74 present the loss rate,frequency,and severity for North Carolina based on approximately 160 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claim

164、s experience:Loss rates have been increasing since a low of 2015,but remain consistently lower than countrywide indications.Frequency has been historically volatile.Figure 72:Long-Term Care North Carolina Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-T

165、erm Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 60 Figure 73:Long-Term Care North Carolina Frequency Figure 74:Long-Term Care North Carolina Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care Stat

166、e-Specific Statistics Marsh McLennan 61 9.12.Ohio Figure 75 through Figure 77 present the loss rate,frequency,and severity for Ohio based on approximately 180 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observation on the claims experience:Loss ra

167、tes steadily increased from 2016 through 2023,but consistently remain substantially lower than countrywide indications.Figure 75:Long-Term Care Ohio Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statist

168、ics Marsh McLennan 62 Figure 76:Long-Term Care Ohio Frequency Figure 77:Long-Term Care Ohio Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 63 9.13.Pennsylvania Figure 78 through

169、Figure 80 present the loss rate,frequency,and severity for Pennsylvania based on roughly 375 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Loss rates are generally lower for years 2019 and subsequent compared to

170、 2018 and prior.The reduction in loss rates is due to lower frequency over the corresponding time frame.Figure 78:Long-Term Care Pennsylvania Loss Rate 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Mar

171、sh McLennan 64 Figure 79:Long-Term Care Pennsylvania Frequency Figure 80:Long-Term Care Pennsylvania Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 65 9.14.Texas Figure 81 throug

172、h Figure 83 present the loss rate,frequency,and severity for Texas based on roughly 330 closed claim counts with pay greater than$100 in the past 10 report years.We offer the following observations on the claims experience:Severity indications have steadily increased over the past 10 years,but remai

173、n consistently lower than the countrywide indications.There have been large year-over-year swings in the number of occupied units in the participant data resulting in greater uncertainty surrounding the Texas indications.Figure 81:Long-Term Care Texas Loss Rate 2024 General and Professional Liabilit

174、y Benchmark Report For Senior Living and Long-Term Care Providers Long-Term Care State-Specific Statistics Marsh McLennan 66 Figure 82:Long-Term Care Texas Frequency Figure 83:Long-Term Care Texas Severity 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care

175、Providers R Packages Marsh McLennan 67 R Packages In developing the analysis documents in this report,we used R and packages included in the R installation(collectively referred to as Base-R).Citations for Base-R and other packages used in our review are as follows:R Core Team(2020).R:A language and

176、 environment for statistical computing.R Foundation for Statistical Computing,Vienna,Austria.URL https:/www.R-project.org/.C.Dutang,V.Goulet and M.Pigeon(2008).actuar:An R Package for Actuarial Science.Journal of Statistical Software,vol.25,no.7,1-37.URL http:/www.jstatsoft.org/v25/i07 Rajesh Sahasr

177、abuddhe(2020).phillyR:Utilities for the Philadelphia P&C practice of Oliver Wyman Actuarial Consulting.R package version 0.1.3.Hadley Wickham(2019).stringr:Simple,Consistent Wrappers for Common String Operations.R package version 1.4.0.https:/CRAN.R-project.org/package=stringr Oliver Wyman Actuarial

178、 Consulting and Bryce Chamberlain(2020).easyr:Helpful Functions from Oliver Wyman Actuarial Consulting.R package version 0.5-2.https:/CRAN.R-project.org/package=easyr Gbor Csrdi and Rich FitzJohn(2019).progress:Terminal Progress Bars.R package version 1.2.2.https:/CRAN.R-project.org/package=progress

179、 David Robinson(2020).fuzzyjoin:Join Tables Together on Inexact Matching.R package version 0.1.6.https:/CRAN.R-project.org/package=fuzzyjoin Kirill Mller(2020).here:A Simpler Way to Find Your Files.R package version 1.0.0.https:/CRAN.R-project.org/package=here Garrett Grolemund,Hadley Wickham(2011).

180、Dates and Times Made Easy with lubridate.Journal of Statistical Software,40(3),1-25.URL https:/www.jstatsoft.org/v40/i03/.Bryce Chamberlain,et al(2019).owactools:R Codebase for Oliver Wyman Actuarial Consulting.R package version 1.9.40.Markus Gesmann,Daniel Murphy,Yanwei(Wayne)Zhang,Alessandro Carra

181、to,Mario Wuthrich,Fabio Concina and Eric Dal Moro(2020).ChainLadder:Statistical Methods and Models for Claims Reserving in General Insurance.R package version 0.2.11.https:/CRAN.R-project.org/package=ChainLadder Hadley Wickham,Romain Franois,Lionel Henry and Kirill Mller(2020).dplyr:A Grammar of Dat

182、a Manipulation.R package version 1.0.2.https:/CRAN.R-project.org/package=dplyr Winston Chang,(2014).extrafont:Tools for using fonts.R package version 0.17.https:/CRAN.R-project.org/package=extrafont Dan Murphy(2013).mondate:Keep track of dates in terms of months.R package version 0.10.01.02.https:/C

183、RAN.R-project.org/package=mondate H.Wickham.ggplot2:Elegant Graphics for Data Analysis.Springer-Verlag New York,2016.Hadley Wickham and Jennifer Bryan(2019).readxl:Read Excel Files.R package version 1.3.1.https:/CRAN.R-project.org/package=readxl Stefan Milton Bache and Hadley Wickham(2020).magrittr:

184、A Forward-Pipe Operator for R.R package version 2.0.1.https:/CRAN.R-project.org/package=magrittr 2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Conditions and Limitations Marsh McLennan 68 Conditions and Limitations Data Verification For our a

185、nalysis,we relied on data and information provided by multiple participants without independent audit.Though we have reviewed the data for reasonableness and consistency,we have not audited or otherwise verified this data.Our review of data may not always reveal imperfections.We have assumed that th

186、e data provided is both accurate and complete.The results of our analysis are dependent on this assumption.If this data or information is inaccurate or incomplete,our findings and conclusions might therefore be unreliable.Exclusion of Other Program Costs The scope of the project does not include the

187、 estimation of any costs other than those described herein.Such ancillary costs may include unallocated claims adjustment expenses(UCAE);excess insurance premiums;the costs of trustee,legal,administrative,risk management and actuarial services;fees and assessments;and costs for surety bonds or lette

188、rs of credit pertaining to claim liabilities.Rounding and Accuracy Our models may retain more digits than those displayed.Also,the results of certain calculations may be presented in the exhibits with more or fewer digits than would be considered significant.As a result,there may be rounding differe

189、nces between the results of calculations presented in the exhibits and replications of those calculations based on displayed underlying amounts.Also,calculation results may not have been adjusted to reflect the precision of the calculation.Unanticipated Changes We developed our conclusions based on

190、an analysis of the data provided by multiple participants and on the estimation of the outcome of many contingent events.We developed our estimates from the historical claim experience and covered exposure,with adjustments for anticipated changes.Our estimates make no provision for extraordinary fut

191、ure emergence of new types of losses not sufficiently represented in historical databases or which are not yet quantifiable.Also,we assumed that each participant will remain a going concern,and we have not anticipated any impacts of potential insolvency,bankruptcy,or any similar event.Internal/Exter

192、nal Changes The sources of uncertainty affecting our estimates are numerous and include factors internal and external to each participant.Internal factors include items such as changes in claim reserving or settlement practices.The most significant external influences include,but are not limited to,

193、changes in the legal,social,or regulatory environment surrounding the claims process.Uncontrollable factors such as general economic conditions also contribute to the variability.Uncertainty Inherent in Projections While this analysis complies with applicable Actuarial Standards of Practice and Stat

194、ements of Principles,users of this analysis should recognize that our projections involve estimates of future events and are subject to economic and statistical variations from expected values.We have not anticipated any extraordinary changes to the legal,social,or economic environment that might af

195、fect the frequency or severity of claims.For these reasons,we do not guarantee that the emergence of actual losses will correspond to the projections in this analysis.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Glossary Marsh McLennan 69 Gl

196、ossary Accident Period The period in which the event giving rise to a claim occurred,regardless of when the claim is reported.Actuarial Central Estimate An estimate that represents an expected value over the range of reasonably possible outcomes.Such a range of reasonably possible outcomes may not i

197、nclude all conceivable outcomes.Allocated Claims Adjustment Expense(ACAE)Expense costs associated with the handling and settling of an individual claim that can be directly attributed to the particular claim.Fees paid to outside defense attorneys and investigation firms are examples of this expense

198、cost.Case Reserves The unpaid claim estimates established by adjusters on an individual claim basis.Claim A demand for payment under the coverage provided by a plan or contract.As used throughout this Glossary,it also includes suits,potentially compensable events,notifications,and unasserted claims.

199、Claim Frequency The number of claims that occur over a period of time per unit of exposure.Claim Reporting Pattern The rate at which claims are assumed to be reported over time.Claim Severity The average cost per claim.Claims-Made Insurance Coverage Insurance coverage for claims reported during the

200、policy period regardless of the date the event occurred(subject to a retroactive date that defines the earliest occurrence date that is covered and other policy terms/conditions).Claims-Made Period The period in which the claim arising from an event is considered to be reported under the terms of th

201、e claims-made insurance coverage.Development The change between valuation dates in the observed values of certain fundamental quantities that may be used in the unpaid claim estimation process.For example,the number of reported claims associated with events occurring within a particular period will

202、change from one valuation date to the next until all claims have been reported.Similarly,the paid claim amounts for events occurring within a particular period will change from one valuation date to the next until all claims have been reported and closed.The change in the number of reported claims o

203、r the change in the paid claim amounts is referred to as development.The concept of development also applies to reported incurred losses.2024 General and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Glossary Marsh McLennan 70 Estimated Ultimate Claims The es

204、timated cost of claims during a period.Ultimate incurred claims represent the total of paid claim amounts,case reserves,and incurred but not reported(IBNR).Exposure A measure of the underlying potential for claim costs.IBNR The unpaid claim estimate for:(a)events that have occurred for which claims

205、have not been reported as of the accounting date,(b)future development of the case reserves,(c)claims that have been reported but not yet recorded in the loss listing,and(d)claims that have been closed but that will be reopened.Loss Rate The cost needed to pay indemnity or expense per occupied unit.

206、Occurrence Insurance Coverage A policy that provides coverage for all claims arising from events that occur during the policy period,no matter when they are reported.Occurrence Period The period in which the event giving rise to a claim occurred,regardless of when the claim is reported.Paid Claims T

207、he total aggregate dollar amount paid on all reported claims as of a certain date.Payment Pattern The rate at which claims are paid over time.Recorded Claim Reserve or Liability The provision for unpaid claim amounts shown in a published financial statement or in an internal statement of financial c

208、ondition.Report Date The date on which the claim is reported or recorded(in practice,it is often taken to be the recorded date).Report Period The period in which a claim is reported,regardless of the time period in which the event occurred.Reported Incurred Claims Amount The total of paid claim amou

209、nts and case reserves.Subrogation Recoveries from a third party responsible for the event for which a claim has already been paid.Tail or Unreported Claims Estimate The unpaid claims estimate for events that have occurred for which claims have not been reported as of the accounting date.2024 General

210、 and Professional Liability Benchmark Report For Senior Living and Long-Term Care Providers Glossary Marsh McLennan 71 Unallocated Claims Adjustment Expense(UCAE)Claim adjustment expenses that cannot be attributed to an individual claim.Typically includes salaries,utilities,and rent apportioned to t

211、he claim adjustment expense function but not readily assignable to specific claims.Valuation Date The date through which transactions are included in the data used in the unpaid claims estimate analysis.The valuation date for this review is December 31,2023.Marsh 540 W Madison Street STE 1200 Chicag

212、o,IL 60661 Oliver Wyman 30 South 17th Street|19th Floor Philadelphia,PA 19103 Qualifications,assumptions,and limiting conditions This report is for the exclusive use of the Marsh McLennan client named herein.This report is not intended for general circulation or publication,nor is it to be reproduce

213、d,quoted,or distributed for any purpose without the prior written permission of Marsh McLennan.There are no thirdparty beneficiaries with respect to this report,and MarshMcLennan does not accept any liability to any third party.Information furnished by others,upon which all or portions of this repor

214、t are based,is believed to be reliable but has not been independently verified,unless otherwise expressly indicated.Public information and industry and statistical data are from sources we deem to be reliable;however,we make no representation as to the accuracy or completeness of such information.Th

215、e findings contained in this report may contain predictions based on current data and historical trends.Any such predictions are subject to inherent risks and uncertainties.Marsh McLennan accepts no responsibility for actual results or future events.The opinions expressed in this report are valid on

216、ly for the purpose stated herein and as of the date of this report.No obligation is assumed to revise this report to reflect changes,events,or conditions,which occur subsequent to the date hereof.All decisions in connection with the implementation or use of advice or recommendations contained in thi

217、s report are the sole responsibility of the client.This report does not represent investment advice nor does it provide an opinion regarding the fairness of any transaction to any and all parties.In addition,this report does not represent legal,medical,accounting,safety,or other specialized advice.For any such advice,Marsh McLennan recommends seeking and obtaining advice from a qualified professional.