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Leading Aged Care insurer – Ansvar – wants the sector to know that more effective risk management has become even more critical for all providers, with insurability at risk, and that Ansvar remains committed to assisting providers to deliver effective risk frameworks and governance.
Ansvar CEO Warren Hutcheon warns insurability of the sector has become extremely challenging due to its complex risk environment and a hardening insurance market.
Risks confronting the sector are increasingly complex and aged care is likely to experience more frequent disruptions and continued public scrutiny. Already under the spotlight by the Aged Care Royal Commission, the impact of COVID-19 has further exposed significant implications for Boards and Executives arising out of these events.
Add in a hardening insurance market that will see premium rises and greater expectations placed on insureds to demonstrate effective risk frameworks, and insurability becomes a risk itself.
“Only those organisations with mature risk management frameworks in place will be able to purchase suitable protection, at affordable premiums. Risk maturity will not just happen- risk leadership is critical,” Mr Hutcheon said.
“Boards and Executives play a key role. What we have seen across the sector is that when risk leadership is prioritized, more effective frameworks are embedded and there is a greater sense of comfort with managing key risks and improving organizational outcomes”.
Mr Hutcheon and Anthony Black, National Care Practice Leader and Senior Risk Consultant for Ansvar Risk, outlined Ansvar’s unique approach to Enterprise Risk Management (ERM) to the Leading Age Services Australia (LASA) Congress this week – including advice on how to step up risk leadership, the “big 5” risks that should be on every provider’s radar and how to incorporate risk with strategic planning.
Ansvar insures more than 800 Aged care providers in Australia and is a trusted risk and governance advisor to the Care sector. “We want to share our industry knowledge and experience with important risk leadership and insurance considerations for Boards and Executives, so that the sector thrives and grasps the opportunities ahead by managing risk well. We are invested in the sector and we plan to stay committed to building and supporting risk capability.”
Ansvar is a leading specialist provider of insurance and risk management services to faith, community, care, heritage and education sectors in Australia. Ansvar partners with brokers to deliver its services under Ansvar Insurance, Ansvar Risk and Ansvar Personal.