Insurance Solutions for Concussion Risk for Head Injury
Gia Snape of Insurance Business plunked down with Harrison Brown, Chief of HEADCHECK Wellbeing, and Nate Walker, senior VP of deals at Exceptional Business Sectors Insurance Consultants (SMIC), to talk about blackout risk in sports, the market’s effect from obligation cases, and how implementing head injury conventions can assist with guaranteeing competitor security.
According to estimates from the CDC, between 1.6 million and 3.8 million concussions, also known as mild traumatic brain injuries (mTBI), occur annually in the US during recreational and competitive sports.
Concussion has received more attention recently, particularly when it comes to poorly handled injuries in professional sports, which has made insurers hesitant to take on the risk. Many insurers have chosen to provide concussion-only plans or to carve out specific coverage.
The retreat puts the sports sector under pressure and emphasizes the need for concussion measures to guarantee player safety.
Senior vice president of sales at Special Markets Insurance Consultants (SMIC), Nate Walker, remarked, “Concussion injuries have hit the insurance industry with a lot of litigation.”
Student, sports, and event risks are the focus of SMIC, an Amwins Group firm and managing general underwriter (MGU).
“Casualty carriers in the sports industry are susceptible to large claims, which has prompted many to try to minimize their exposures,” Walker told Insurance Business.
Hammer carriers allege they are liable for concussions.
Over the last several decades, professional US sports concussion liability lawsuits have cost insurers billions of dollars.
Former NFL players have most recently filed a lawsuit against the league, claiming it has consistently rejected people with physical and mental disabilities who apply for disability compensation.
Walker claims that when it comes to concussion risk, carriers often fall into one of three categories: “They either decide that they are not interested in insuring any portion of the risk and reject to quote, or they quote and include a TBI exclusion or sublimit limit, or they decide that they are all in and price for it.
The previous loss data for an insured person as well as their current concussion practices will be closely examined by those insurers.
Insurance plans that cover only concussions are available for accidents but not for casualties. However, concussion-only accident insurance may not be required in many circumstances since a sports organization or school may already have an accident policy in place that may cover concussion injuries. Sports concussion injuries are becoming more common.
The catastrophic and long-term health repercussions that concussions may have have just recently come to light due to medical improvements. Concussions are notoriously difficult to diagnose. Even a seemingly small knock to the head might result in unpleasant symptoms including nausea, exhaustion, disorientation, or memory loss.
“The reality is that concussions are inevitably going to occur in these sports,” said Harrison Brown (shown above), co-founder and CEO of HEADCHECK Health, a digital platform that aids sports organizations in correctly implementing, carrying out, and monitoring their concussion protocols.
In the past, Brown said, “concussion rates were under-reported due to a number of circumstances, including individuals not being aware of the injury, not understanding how to diagnose it, or not knowing how to record it.
So, while it may not really be the case, it seems like the number of concussions has increased dramatically over the last ten years. Perhaps people have just become more adept at recognizing and treating injuries.
The simple prevention of improperly treated head injuries is the mission of HeadCheck Health. Their equipment benefits everyone engaged in the diagnosis, treatment, and care of a suspected concussion.
According to Brown, guidelines are essential for recognizing and treating brain injuries, providing for players, and ultimately enhancing results for the sports sector. But only if they are faithfully carried out, which is a feat that most businesses find challenging.
One aspect of his work is to make it simpler for the corporation to carry out its concussion policy, including education, testing, documentation, recovery management, and clearance, he added.
Analytics is the opposing side. We have the information necessary to conduct internal audits for all the organizations we engage with, including leagues, teams, schools, school boards, etc.
In order to keep the business safer from these hazards in the future, we may use intriguing indicators like how and where injuries are occurring to discover compliance gaps.
How statistics may help drivers better comprehend the danger of concussion
The data from Head check Health may provide insight into injury patterns and assist businesses in preventing new injuries. To identify market-based risk management options for athletes, it is collaborating with SMIC.
By gathering essential data that carriers may use to underwrite situations with sporting exposures, technology companies can play a significant role.
“Ten years ago, insurers would have one question on their supplementary application that was a simple “yes” or “no” about concussions. According to Brown, more information regarding an insured’s practices is now sought, particularly if they have filed claims.
Rates will reflect any organizations with hazy or underdeveloped risk mitigation policies. However, consumers who make use of digital systems like HEADCHECK Health are likely to get some price relief or fewer exclusions and sub limits.
Walker predicted that over time, there will be more insurance companies prepared to cover high-risk sports. The sports sector will keep improving the safety of its athletes via the adoption of new regulations, access to improved resources, and the use of innovative risk-reduction strategies. This will result in more effective insurance packages.
Amwins, the biggest independent wholesaler of specialized insurance products in the United States, is committed to assisting retail insurance brokers by offering property and casualty products, specialty group benefits products, and administrative services. With headquarters in Charlotte, North Carolina, the business manages premium placements worth more than $29 billion annually via more than 155 locations worldwide. Insurance Solutions for Concussion Risk for Head Injury