Every business starts with a problem. In the mid-1980s, Ontario hospitals faced a crisis when their liability insurance premiums rose dramatically and one major commercial insurer refused to insure them. Two commissioned reports recommended the formation of an insurance reciprocal, to be known as HIRO (The Hospital Insurance Reciprocal of Ontario). Those early subscribers were tentative (this was completely new), yet excited about the prospect of working with an insurance exchange that was going to specialize in healthcare and was dedicated to helping them reduce and prevent losses.
What We Stand For
HIROC is a trusted healthcare safety advisor, committed to offering a full spectrum of insurance products and support throughout a claim. Combined with sage counsel and risk management solutions, HIROC works with its partners to increase safety.
Healthcare risk management and patient safety are the cornerstones of our work and something that sets us apart from commercial insurers. A diverse set of tools and resources is geared to helping healthcare organizations identify, assess, report and manage their key organizational risks.
The Reciprocal Advantage
Being somewhat of an outsider to the insurance industry is a badge we’ve always worn with pride. Especially since that means saved money for clients. Unlike our commercial competitors, we are a not-for-profit, therefore we do not pay commissions and income tax, and we have lower operating expenses. That translates into a lower cost of insurance for our subscribers.
HIROC is not just a not-for-profit, we are a reciprocal. This means we are governed by our subscribers – a group of over 700 diverse healthcare organizations across Canada.
Our subscribers share in each other’s losses, which is why we maintain a focus on safety. As your trusted advisor, we are here to provide sage counsel to help mitigate risk and reduce loss.
As a not-for-profit, HIROC returns surplus funds to healthcare organizations. Since 1987 HIROC has put over $200 million back into the system – proof of the benefits of participating in the reciprocal.
Our inaugural chairman George N. Speal summed it up when he said, “When you join HIROC, you buy more than an insurance policy, you buy into a philosophy.”
Over the past 32 years, we’ve learned how to work in an industry that has been in constant flux. Our firm connection with our subscribers and commitment to continuous innovation around insurance coverage and risk management products has made us leaders in reducing costs and creating a safer healthcare environment.
The healthcare landscape is always shifting and yet our core purpose and beliefs have not changed. We are still the ‘radical upstart’ reciprocal, built on a foundation of comprehensive insurance coverage, financial stability and professional expertise. That foundation is still our greatest strength and differentiator.
Learn how HIROC works with its partners to in(en)sure healthcare safety!