Retirement Living Council (RLC) survey to look at spike in retirement village insurance premiums after operators report 50% to 120% increases

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The Property Council Retirement Living Council has launched an initiative to collect data on insurance premium increases experienced across the sector.

Anecdotally there have been reports of increases in village insurance premiums, driven by fires, floods, storm damage and the impact of COVID.

Insurance is often one of the larger line items in a village budget, and increases in premiums could have significant impacts on the operator’s bottom line.

PC RLC executive director Ben Myers says this data will help the body understand if this is something that is happening across the sector, and if actions like recommending certain insurance providers or pursing bespoke insurance arrangements are worthwhile.

“We’ve had a lot of members raise the issue of very significant premium increases. And we’ve also had resident associations in our regular meetings with the Australian Retirement Village Association talk to the fact that they’re concerned about the premium increases and keen to support the industry to try and find a way to address or mitigate some of these increases,” he said.

“We’re simply trying to really understand the lay of the land, and then use the information we can gather to move forward and determine what the next step is.”

To participate in the survey, click here.

The PC RLC is also encouraging village operators who’ve experienced serious hikes, to email direct here.