Our healthcare experts in Bermuda, London and the United States provide updates on their local markets.
Bermuda
Gemma Northern Global Markets P&C Hub Willis Towers Watson
The Bermuda markets are responding to Covid-19 with the full spectrum of exclusions. Their determination as to whether to exclude or which exclusion to use is dependent on varying factors: segmentation (healthcare facility versus senior care facility), incumbency and underlying response. A general trend is that exclusions are somewhat less likely in the hospital space unless carriers are looking at lower attachments, or they have been noticed with Covid claims (especially batch notices). In contrast, markets are attaching communicable disease exclusions on most senior living accounts.
London
Claire Prosser Global Markets P&C Hub Willis Towers Watson
London carriers that write US-based risks are underwriting with a caution that reflects their concern around growing systemic risk issues in the healthcare industry. Covid-19 related batch coverage limitations are a developing theme within the London healthcare marketplace. Only a limited number of international healthcare insurers are mandating Covid-19 related exclusions. However, regardless of client venue, all underwriters require underwriting information on Covid-19 related exposures.
United States
Britt Pyle Global Markets P&C Hub Willis Towers Watson
In the healthcare system segment most US carriers are underwriting for Covid-19 risk, requesting: overviews on our clients’ response to and mitigation of the risk, impact on staffing, testing and particularly whether there have been any Covid-19 related claims. Exclusions in the hospital segment are increasingly correlated with Covid-19 related notices. US insurers are clearly concerned about Covid-19 within the senior care segment – with virtually all US carriers attaching some form of a communicable disease/pandemic exclusion.