View this article online: https://www.insurancejournal.com/news/east/2007/05/17/79808.htm
What a diffence a few years makes.
MedPro, whch sought to hike medical malpractice rates in Connecticut by some 90 percent three years ago, now wants to lower rates by 24 percent.
On May 11, 2007, the company submitted its rate filing to the insurance department on May 11.
MedPro has been operating in Connecticut since 1997. In 2005, GE Insurance Solutions sold MedPro to Berkshire Halthaway, which Insurance Commissioner Thomas R. Sullivan says more willing to accept medical risks than the previous owner of the insurer.
“This is a positive step for the Connecticut medical malpractice insurance marketplace. Any time competition can be leveraged, consumers benefit,” Suliivan stated.
In accordance with state law, the department will review the filing and make its decision. However, based on information gathered by the department so far, Sullivan said it appears that MedPro has the financial and actuarial analysis to support their request.
Commissioner Sullivan cautioned, however, that “while this is clearly good news for doctors and hospitals, the medical malpractice insurance problem is not over. Legal expenses, reinsurance costs, and increasing indemnity payments continue to make medical malpractice insurance a particularly risky line of business. Nonetheless, this is good news and a positive first step towards creating an environment that fosters competition.”
Connecticut Medical Insurance Co., one of the state’s largest writers of medical malpractice insurance, held ts rates steady for 2006 after raising them each of the last five years.
Source: Conn. Insurance Department