With insurance premiums and excesses becoming increasingly one of the larger line items in a village budget, the Property Council’s Retirement Living Council has picked Zenith Insurance Services, partnering with Lockton Australia, as its “preferred industry insurance partner”.
Zenith Insurance Services, which began in Western Australia in 2001, terms itself as “a specialist niche insurance broker”. Lockton Australia is the world’s largest independent insurance brokerage.
The Retirement Living Council has been working to find ways to reduce the impact of insurance cost increases on operators and residents for over 12 months after complaints there had been increases in village insurance premiums, driven by fires, floods, storm damage and the impact of COVID-19.
“Operators flagged that rising insurance premiums and excesses were beginning to heavily impact operating budgets. Members resolved to form a workgroup to investigate the cause of these cost increases, and to identify ways of mitigating future impacts,” said Retirement Living Council Executive Director Ben Myers.
After seeking Expressions of Interest from seven brokers who worked in the sector, Zenith Insurance Services and Lockton Australia were chosen.
“Something that brokers across the board clearly communicated is that the retirement living industry needs to get better at using data to create a comprehensive risk-management profile,” said Ben.
“The education of underwriters and insurers on the actual risk profiles of retirement living communities, which are frustratingly often confused with residential aged care, has become an objective of Zenith and Lockton.
“Both are confident that they can work with operators and underwriters to share information for the benefit of Property Council members.”
The Property Council of Australia will be entitled to a commission in respect of new business which it refers to Zenith Insurance Services and Lockton Australia.