The largest writer of medical malpractice insurance in Massachusetts said it will not have to raise rates this year, after several years of double-digit hikes. ProMutual Group credited “improved financial strength” and “innovative patient safety initiatives that are having a positive impact on reducing claims, and sound underwriting” for the decision.
The rate stabilization will affect over 9,000 physicians, surgeons, dentists, and certified nurse midwives in Massachusetts insured by ProMutual. The news is in contract to rate hikes that averaged 20 percent in 2003 and 11 percent last year. ProMutual’s rates have gone up the last six years.
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