Clyde & Co Hosts Care Costs Forum Event to Address Rising Care Expenses

  • Press Releases 15 March 2024 15 March 2024
  • Casualty claims

Partners from Clyde & Co’s Catastrophic Injury and Large Loss (CILL) department recently organised a ‘Care Costs Forum’ at our London headquarters, uniting senior representatives from across the insurance, legal and care industry to address the urgent issues surrounding the escalating costs of care in the UK.

Clyde & Co Hosts Care Costs Forum Event to Address Rising Care Expenses

Chaired by Partner Mike Dobson, our panel, including Andrew Hibbert, Sally Whalley, and Stuart Furniss, delivered presentations and facilitated discussions among industry experts to tackle the complex challenges of providing sustainable and affordable care.

In recent years, the care sector has been impacted by geopolitical, economic, social, and market factors, including Brexit, Covid-19, and the cost-of-living crisis, which have exacerbated staff shortages. As a result, persistently rising care costs, often constituting the largest heads of loss in catastrophic injury cases, pose a formidable challenge. Even so, low pay remains an ongoing concern for many carers, raising questions about the sustainability of care.

To gain comprehensive insights into the current landscape, analyse contributing factors, and forecast future trends, we carried out first-hand research between October 2023 and January 2024 within the care expert community. Through a combination of surveys and in-depth interviews, this study provides an accurate picture of current cost levels across the country for various types of care and examines present, emerging, and potential trends that may shape the trajectory of the sector.

The Care Costs Forum provided a chance to hold a face-to-face discussion of these findings. We invited care industry experts, Jessica Thurston of Somek & Associates and Liz Utting of Liz Utting Associates to help contextualise the findings and facilitate open discussion on the topic. Our Panel presented on economic challenges, supply-demand dynamics, and workforce shortages contributing to the current "perfect storm" in the care sector. Discussions then centred around the unsustainable rise in care package costs, the vital need for better care regime structuring, and the emergence of a two-tier system within the sector.

Insights gleaned from our survey highlighted some extremes in the hourly rates charged for different types of care, and underscored the significance of early expert involvement in tailoring care packages. Additionally, the forum addressed the role of technology in cost reduction, the necessity of transparency in care reporting, and the critical importance of unbiased expert opinions and thorough care needs assessments. The forum culminated in a discussion of challenges and viable solutions for addressing the escalating costs of care.

"This event highlights our commitment to actively monitor the rising costs of care. By convening industry experts and stakeholders, we are not only addressing pressing challenges but also striving to ensure equitable outcomes for all parties involved – claimants and insurers alike. The valuable insights gained from this forum will play a crucial role in shaping our strategic approach to navigating the complex landscape of the care sector, both in addressing existing challenges and anticipating and mitigating future risks." – Mike Dobson, Partner, Clyde & Co

“This was an invaluable opportunity to discuss the national issues in care provision in the UK. What remains absolutely key to all recommendations regarding care, is a comprehensive clinical, functional and environmental assessment. Care recommendations must be practical and realistic and be properly reality tested, with a range of opinions presented (on rates and care models) where they exist. Geographically sourced rates are a must, because there does still remain a wide variation in care rates nationally. Care experts must be chosen for their independence, balanced portfolio and must remain in clinical practice. ” – Jessica Thurston, Somek & Associates

Find out more and download the report here