Risk solutions
Long-term care
People with chronic illnesses or disabilities need to be able to cover the cost of their long-term care, which may range from assistance with normal daily tasks to professional full-time care in a specialised facility.
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Our clients benefit from our global awareness of how different markets and territories have responded to the challenge of long-term care, providing a valuable source of insight and fresh ideas.
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With rapidly ageing populations in many of the world’s more developed economies, there is a growing market for products that respond when senior citizens experience severe and permanent health impairments and require long-term specialist care. The costs for such specialised care are likely to exceed individual retirement incomes and benefits under social security coverage where such exist. This creates an apparent need for insurance products that fill this financial gap and enable consumers to make use of high-quality care facilities.
Hannover Re recognised this emerging trend many years ago and set about positioning itself as a leading player in the senior citizens insurance product space. The increasingly wide recognition among the general population of the need to provide for one’s own later life care needs has resulted in a market that is not only growing but also diversifying.
Companies like Hannover Re seek to support their clients in offering innovative products that respond more intelligently and imaginatively to long-term care needs. Hannover Re has led the way in this area.
Our expertise
In Hannover Re, clients have an experienced and knowledgeable partner able to deliver effective solutions across the full range of long-term care products even into new markets. Crucially, our highly developed pricing expertise enables our clients to deliver products offering long-term guarantees with confidence in their long-term profitability. Hannover Re has further enhanced its underwriting systems to cover the risk assessment of long-term care products in order to complete its offerings in this specific market space.
We support solutions that range from long-term provision starting during during an individual's working life to products that convert savings into insurance benefits. We were, for example, the first reinsurer to promote the idea of enhanced annuity products that deliver increased annuity payments to those experiencing severe ill health. We have also developed an ‘immediate needs’ policy sold to those about to enter a long-term care facility: while facing a significantly reduced life expectancy they need to be sure they can fund care for the remainder of their lives.