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 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
   * Risk Matrix
   * The Profession
   * Risk Scenarios
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   * Issue Archive
   * Subscribe
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   * Ergo
   * National Comp
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STOP BLAMING THE LITTLE GUY. CLIMATE CHANGE IS A BIG BUSINESS RISK, AND IT’S
TIME CORPORATIONS ACTED

Several reports reveal startling information regarding large corporations' roles
in the ever-growing climate crisis.
By: Emma Brenner | February 17, 2022
Topics: Climate Change | Critical Risks | Environmental



For years, we’ve heard the countless ways in which we as individuals can
effectively respond to the effects of climate change.

Avoid single-use plastic, walk or bike to your destinations when you can, and
the infamous “Reduce, Reuse, Recycle!” are just some of the tactics that that
have been used by governments and corporations to encourage individuals to take
action in the fight against climate change.



Now, a recent study has revealed that one more consumer product could be adding
to our individual carbon footprints: gas stoves. A recent report by NPR notes
that researchers found gas stoves are leaking methane gas into the air, even
when they’re turned off. It appears we can attempt to reverse the implications
of climate change as much as humanly possible, but we’re still only contributing
to the problem.

But really, who is to blame? Should we believe that global warming and climate
change falls at the hands of individuals simply navigating the world? Think
again.

It’s the tycoons and corporations of the world who should be alleviating the
burden. After all, they are the largest contributors to the growing climate
crisis.


THE REPORTS BY THE NUMBERS

 * A Stanford University study within the NPR report found that gas stoves are
   still leaking “climate-warming methane,” even when they’re turned off, with
   around 80% of methane emissions stemming from turned-off stoves.
 * Researchers also concluded that 3% of emitted methane gas from stoves will
   leak into the atmosphere.
 * But while those numbers may seem high, they’re nowhere near the emissions
   levels caused by businesses. Since 1988, 100 companies have been linked as
   the source to more than 70% of global greenhouse emissions.
 * More than half of global industrial emissions since 1988 can be sourced to 25
   corporate and state-owned businesses.
 * Amazon recently revealed a 19% increase in their carbon footprint amid
   soaring online sales throughout the pandemic, as well as a 69% increase in
   fossil fuel emissions in the last year.
 * A report by The Guardian concluded that if fossil fuels are extracted at a
   similar rate that was seen between 1988 to 2017, the average temperature of
   the Earth will likely rise by 4 degrees Celsius by the end of the century.


CORPORATION’S RESPONSIBILITY

The data is stark: large corporations play an incredibly large role in the
ever-growing climate crisis. Companies that were explicitly mentioned in reports
included ExxonMobil, Shell, BP, Chevron and Amazon.



Specifically, Amazon not only reported that significant increase in their carbon
footprint as mentioned before, but they also cited their last year’s activities
led to 60.64 million metric tons of carbon dioxide emissions.

The company’s carbon footprint has continued to increase every year since 2018.
This rise displays the difficulty for a “fast growing company like Amazon to cut
down on pollution,” according to a report by Fortune.

As for solutions to respond to the corporate role within climate change, some
entities are shifting to clean energy resources, which will produce better
outcomes for the globe. However, a large responsibility is then placed on
investors to make the shift as well, as investments in fossil fuels grow riskier
over time.


LOOKING FORWARD

A report from the United Nations, published in 2019, said there is just over a
decade until the Earth reaches its climate change threshold. While establishing
and implementing a personal response to ease the burden of climate change is
encouraged, it’s up to large corporations and companies to respond
appropriately.

Only then can we begin to slow the effects of human-caused climate change. &

Emma Brenner is a staff writer with Risk & Insurance. She can be reached at
brenner@theinstitutes.org.





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SPONSORED: PHILADELPHIA INSURANCE COMPANIES



CAPITALIZING ON THE FAST-GROWING HOME HEALTH CARE MARKET

With an ever-aging population and labor gap, the home health care market is
fraught with challenge, but utilizing the right people and technology will give
way to opportunity.
By: Philadelphia Insurance Companies | March 1, 2022

The home health care industry is set to undergo exponential growth over the next
decade.

Accounting for a range of medical services provided at home for an injury or
illness, the market is expected to peak at almost $150 billion by 2028, growing
from a base of $85 billion in 2020. That spike in growth will be primarily
driven by an aging population, with, on average, 10,000 people forecast to turn
65 every day over the next 30 years.

Added to that, 85-plus is the fastest-growing age segment as people live longer
thanks to the latest advances in medicine and technology.

This population is more prone to chronic illnesses such as diabetes, cardiac
ailments, mental disease and incontinence, and therefore can require constant
monitoring. The vast majority also require care or assistance, whether it’s
being looked after, help getting around the home, doing the chores or just
companionship.

The growing need for respiratory and infusion therapy service is further
boosting demand. Then there are seniors, whose families and relatives live far
away, who need assistance closer to home.

What all these groups have in common is they want affordable and accessible
health care. This presents both huge challenges and opportunities for health
care providers and insurers.


LABOR AND SKILLS SHORTAGE

Tony Canci, Home Healthcare and Hospice Product Manager at Philadelphia
Insurance Companies

The biggest challenge is a labor shortage, created by the rise in demand for
home health care services. It has merely been exacerbated by the COVID-19
crisis, with many workers in the sector resigning and moving to better paid and
less stressful jobs, stretching resources even further.

Then there’s the problem of attracting skilled and qualified professionals to
the post in the first place, as it’s notoriously lowly paid and long, unsociable
hours. There’s also a big turnover of employees.

To address the issue, employers need to make the role a more appealing
proposition. But they must balance this with finding the best fit for the job by
carrying out behavioral assessment tests such as the Caliper Profile and asking
pointed questions during the interview process.

“People go into the profession not for the money, but because they find the job
rewarding,” said Tony Canci, Home Healthcare and Hospice Product Manager at
Philadelphia Insurance Companies (PHLY). “It’s about finding the right talent
but also those people who are going to stay in the job long-term.”

Once that individual is in the job, employers need to ensure they receive the
right level of training and support for their career development. That training
should also equip workers with invaluable sector-specific skills, including
recognizing signs of common conditions in older patients such as Alzheimer’s
disease, dementia and diabetes.


RISING HEALTH CARE COSTS

Another problem is the rising cost of health care and disparity of government
funding for schemes such as Medicare and Medicaid between different states. That
cost has been driven up by the additional expense of personal protective
equipment needed by workers going into people’s homes and working in nursing
homes to treat patients during the pandemic.

At the same time there’s pressure on the minimum wage to be increased as the
cost of living continues to rise. Then there are the other costs associated with
running a nursing home such as energy bills and building maintenance.

One way to reduce the overall expense is to move to a home-based care model. It
costs significantly less than facility-based care and is preferable as most
people want to continue to live at home into their old age.

“That in turn would help to cut the number of patients ending up in hospital or
nursing homes, thus reducing health care expenditures,” said Canci. “To achieve
this, the home health care industry needs to continue advocating for more funds
to be allocated to in-home care.”

As the patient gets older, so the chances of them suffering from illness or
injury also increase. Among the biggest risks in home health care are slips and
falls, accounting for the highest frequency and severity of claims.

But thanks to better treatment, patients are recovering better and quicker. They
are also living longer.


TELEHEALTH AND TELEMEDICINE OPPORTUNITIES

Home health care is big business. It has already attracted large private equity
backing and there are thousands of new home health care providers starting up
every year to meet the ever-growing demand. Supported by $400 billion in
government funding pledged last year for affordable home-based care for older
people and people with disabilities, the market is only going to get bigger.

“There’s a huge opportunity in there in terms of new business,” said Canci. “The
number of patients is growing, as are their healthcare needs as they get older.”

One of the most lucrative opportunities is in telehealth and telemedicine, which
enable patients to be assessed and monitored remotely using cutting-edge
technology, doing away with the need to send workers out to non-urgent cases.
Use of the technology has only been accelerated by the pandemic, with people
being ordered to stay at home and clinics closing in a bid to try and avoid the
spread of the virus.

Because the technology is in its relative infancy and the sector is fragmented,
there’s a chance to invest in and collaborate on a host of projects. These range
from applications for follow-up visits, remote chronic disease management and
post-hospitalization care to preventative care support and assisted living
center support.

There’s also an increasing move towards a value-based care service, where
providers are paid dependent on the outcome of their services for the patient.
For example, how long it took for the patient to recover from major surgery or
treatment.

As experts in this field, PHLY has been writing home health care insurance since
the early 2000s. Its key strength is in its risk management services,
particularly for small- and medium-sized businesses, enabling PHLY to gather and
analyze data in order to better understand and mitigate exposures.

“In line with this, we provide a Learning Management System to our policyholders
at no cost, where staff can get assigned safety courses, covering everything
from slip, trip, and fall prevention to lift training and abuse prevention,”
said Canci. “Because our clients don’t have to go through their own third-party
training vendor, they are also saving an additional expense while improving
their safety and reducing claims and losses at the same time.”

The company’s PHLYTRAC GPS tracking solution also enables clients to monitor
their vehicle fleet for dangerous driving like hard braking and speeding.
Customers using the GPS program have seen a 19% reduction in loss frequency
versus fleets without PHLYTrac. Since it was rolled out in 2018, it has been
proven to significantly cut claims, and loss frequency and severity, Canci said.

To learn more about Philadelphia Insurance Companies’ home health care program
and how we can help you, call Tony Canci at 800 873 4552, email
Anthony.Canci@phly.com or visit
https://www.phly.com/products/homehealthcare.aspx.


 



This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with Philadelphia Insurance
Companies. The editorial staff of Risk & Insurance had no role in its
preparation.

Philadelphia Insurance Companies (PHLY) offers product-specific resources,
alliances, and service capabilities to achieve a multi-faceted approach to risk
management, including safety program development, site audits, and training
(including interactive web-based training). We offer a wide range of products
and value-added services at financial terms to be agreed upon to help you
achieve your risk management goals.







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The R&I Editorial Team can be reached at riskletters@theinstitutes.org.





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