Trial Lawyers Say Research Shows Conn. Medical Liability Insurer Overcharges Physicians

The Connecticut Trial Lawyers Association released an actuarial analysis that it says shows that, for several years Connecticut Medical Insurance Co. has been overcharging doctors millions of dollars. They argue that this has caused doctors’ overhead to soar and contributed to the growing cost of Connecticut health care.

The analysis, prepared by AIS Risk Consultants, a New Jersey independent actuarial firm, shows that from Jan. 1, 2004, through June 2007, CMIC reported net income after taxes of $51.4 million. These profits were more than 40 percent of the net premium CMIC earned from the premiums charged doctors.

“It’s long past time for Connecticut doctors to put aside their distrust of trial lawyers and conduct their own review of CMIC’s excessive profits,” said Joseph Mirrione, CTLA president. He said one company, ProMutual, has chosen to seek a reduction in contrast,to CMIC’s “refusal to lower its rates” that he said has resulted in Connecticut physicians funding the excess profits from $7.6 million in 2004, to $10.9 million in 2005, and $24.5 million in 2006.

Topics Carriers Connecticut