The Lowdown on Senior Living
The latest issue of Insurance Journal is dedicated to the senior living market and includes references to an in depth report on the industry by Argentum, the largest national association exclusively dedicated to the senior living industry.
Though the intended audience for this report is the membership of Argentum’s organization and speaks to the future opportunities for those operating senior living facilities, this read is important for agents and insurers serving the same constituents.
For the quick lowdown, visit pages 18-20 for sets of data on job growth, facility expansion, rise in technology and growth by service and profession. I suggest you take a look at this report, as it provides a basis for conversation with your senior living director. It provides you the insights into their opportunities – growth, innovation, extended care – while bringing to the table your solutions to the increased liability associated with these opportunities.
Most relevant to you are the growth trends in employees, facilities, service offerings and innovation projected to 2025. The estimated increase in workforce of 374,000 employees by 2025, performing an increasing number of services for seniors, offers growth opportunity for insurance products from workers compensation to professional liability, offsetting declines in employment in other sectors. (see Future of Jobs Report, for projected shifts in employment, World Economic Forum) From seniors utilizing social media to facilities expanding use of electronic records, there is growth opportunity to address cyber risk and liability.
Finally, according to Argentum, 70% of senior living is found in 15 states. Note the inclusion of Florida, Texas and California, three of the states that have made the top 5 for their share of natural disasters.