Liability loss costs for the long-term care industry are stable on a national average basis for the first time in nine years, according to a broker study released in mid-May.
A study by Chicago-based Aon Corp. found that average general liability and professional liability loss costs nationwide are now at approximately $1,460 per bed after peaking at $2,030 per bed in 1998.
The plunge from the 1998 level, Aon said, is driven by a reduction in the average claims severity from a high of $261,000 in 1998 to $138,000 in 2007.
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