Insurance industry financially booming yet rates steadily decline, according to 2013 report
The Medical Liability Monitor recently released its 2013 annual survey and one of its main findings showed that even as insurance rates and written premiums have continued to go down since 2006, the medical professional liability insurance industry as a whole has been booming financially over the years.
Chad Karls, author of this year’s Executive Summary, said the industry’s premium revenue has continued to surpass claims expenses, with annual combined ratios for medical insurers coming in below 100% annually since 2006. Insurance rates suffered a great decline this year with a 28.8% of all manual rates slumping in 2013 after a 3.1% increase last year.
The Northeast region of the United States was the only one to see an increase in medical insurance rates, albeit lower than last year’s 1.19% at only 0.7%, with New York leading the rise (4.8%). New York was followed by New Hampshire with a 4.2% increase.
It is important that physicians and medical staff do their job to the best of their abilities, follow all regulations, and ensure that medical procedures are done properly, as one error move can mean the difference between life and death for patients. If you have been the victim of medical malpractice in Massachusetts, our attorneys at Crowe & Mulvey, LLP can help. Call us at (617) 426-4488 to discuss your situation with us and find out more about your options.