Texas Medical Liability Trust announced a rate reduction for TMLT policyholders and an 18.5 percent dividend for renewing policyholders, effective Jan.1, 2012.
The average rate decrease will be 6.9 percent, but will vary by specialty and the geographic location of medical practice. The combined rate reduction and dividend will save TMLT policyholders nearly $35.8 million in 2012 premium
TMLT has reduced rates for Texas physicians for nine consecutive years since the passage of medical liability reform by the Texas legislature in 2003, the company said. The 2012 rate reduction saves TMLT policyholders about $10.4 million.
This is the seventh time TMLT has declared a policyholder dividend. This will amount to approximately $25.4 million in 2012 premium savings for TMLT physicians.
Since the passage of medical liability reform, TMLT insured physicians will have saved $745.5 million in decreased premiums, once this latest round of rate cuts and dividends is implemented.
In 2011, TMLT policyholders saw their premiums reduced 54.4 percent from 2003 rates. In 2012, this percentage is projected to increase to 56.7percent.
Source: TMLT
Topics Texas Pricing Trends
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