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June 4, 2024

Insurance Journal quotes Patrick McConachie

While climate change has pushed commercial-property insurance premiums up nationwide, few places have been hit harder than Florida. There has been an astounding 125% surge in costs in the last five years.

The spike in insurance costs has been a major problem for all groups in Florida, but especially for senior living operators.

“We have many clients that can’t afford the coverage,” said Patrick McConachie, senior vice president at Marsh McLennan Agency in Tampa, who helps senior living operators negotiate policies. “In a lot of cases in Florida recently, the operator will simply turn the keys back over to the landlord.”

Read the full article in Insurance Journal to learn more about how rising insurance costs are affecting Florida's senior living operators.