Property Insurance Safe Haven


Dedicated HealthSure program continues to grow

By Brant Couch

Alongside the challenges of delivering quality care in remote areas, rural hospitals have to contend with a turbulent property and casualty insurance market. In the face of continued uncertainty, the HealthSure Property Program continues to grow, providing rural hospitals with a safe haven through collaboration and careful management.

Established in 2006 with just 10 members, the HealthSure Program has steadily grown to encompass 71 members as of the 2024 renewal. These numbers not only signify growth but also reflect the trust and confidence placed in the program by rural hospitals across the nation.

One of the most remarkable aspects of the HealthSure Program is its consistently high retention rates. With a retention rate of 100% for the past five years, the program continues to demonstrate its ability to provide stability in a volatile market.

Market volatility is driven by factors such as social inflation, evolving cyber threats, natural disasters, and economic pressures. The outcomes can be dire. In 2023 for example, some hospital insurers stopped writing new business because their re-insurers would not take on any more of this risk. This is a trend that could very well continue throughout 2024.

Krista Adamson (CIC, CISR) is our property and casualty practice leader, and she says, “Because of a unique mix of prudence and proactive collaboration, HealthSure has always been able to continue writing new business. There are many reasons for this but, generally speaking, hospitals are relatively low-risk P&C clients because their properties are well built and occupied 24/7.

More specifically, HealthSure is selective when it comes to bringing new hospitals into the program. Potential program members are carefully vetted based on their loss history, location, and quality of management. We avoid geographic concentration – which is relatively easy in the rural market – and we avoid hospitals in risky locations.”

Our selectiveness has created a program that is not only stable and growing, but also very competitive. In 2023, when we studied how the HealthSure Property Program compared to other A-rated insurers, we consistently found we offered better terms. I believe that our competitiveness is largely due to the sophistication of our clients; they are savvy leaders making smart decisions who would certainly leave the program if something better was available.

In all areas of our business, with every client we serve, we steadfastly encourage and remind them to “Never Go It Alone”. With its continued and growing success, the safe haven provided by the HealthSure Property Program is a testament to the power of a large group of people coming together for the common good.

©2024 HealthSure. All rights reserved.

The information provided in this alert is not, is not intended to be, and shall not be construed to be, either the provision of legal advice or an offer to provide legal services, nor does it necessarily reflect the opinions of the HealthSure, our lawyers or our clients. This is not legal advice. No client-lawyer relationship between you and our lawyers is or may be created by your use of this information. Rather, the content is intended as a general overview of the subject matter covered. HealthSure and Marathas Barrow Weatherhead Lent LLP are not obligated to provide updates on the information presented herein. Those reading this alert are encouraged to seek direct counsel on legal questions.

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Take the Community Hospital Insurance Coalition (CHIC) for example. With our expert support and management, more than 30 rural hospitals who have come together to own this medical stop-loss reinsurance company. They are paying less for their insurance, improving benefits program performance, and receiving their share of a significant annual surplus cash distribution (~$2.5 million since inception in 2018).