The information presented in this study is a critical component in various insurance industry initiatives and supports multiple state tort reform efforts. Especially relevant for 2021 will be the effect that the pandemic has had on losses. This benchmark study is also an important resource relied upon by insurance carriers, actuaries, and of course, long term care and senior living providers. We hope you will consider participating in this benchmark study to enhance the quality of this initiative.
The information Marsh and Oliver Wyman are collecting includes:
- Individual claim listing (excluding Protected Health Information) in Excel-readable format valued as 12/31/2020.
- Occupied bed equivalent exposure information for the past 10 calendar years, if available.
As the 2021 study kicks off, we welcome and would appreciate your participation for the upcoming analysis. Upon data submission we will provide diagnostic information about your own data including various metrics, e.g., frequency and severity claim statistics; closing year, report year, and accident year statistics; open and closed claim statistics; and an exposure analysis. We will review the data diagnostics and contact you to discuss any potential anomalies.
As with the 2020 report, there is no cost to participate, and all participants will receive a copy of the report and an invitation to the presentation of the results. We only ask for your assistance in obtaining the necessary data. Please reach out to us if you have any questions.