A new report shows a continuing trend of recovery for the medical malpractice industry in Florida that had been experiencing double-digit rate increases and lack of availability prior to legislative reforms enacted in 2003.
The report shows a net decline in medical malpractice rates for the primary market, which includes physicians and surgeons. The net decrease of all approved rates in force in Florida was 10 percent for 2008.
The Florida Office of Insurance Regulation (OIR) released its 2009 annual report on the medical malpractice insurance market which it is required to do annually.
“This report also shows the total medical malpractice insurance premium for the state of Florida dropped in 2008 for the fifth consecutive year,” said Insurance Commissioner Kevin McCarty. “This is very encouraging news for doctors and hospitals.”
The annual report compared Florida’s medical malpractice industry’s financial data to data from nine other states: California, Illinois, New York, Texas, New Jersey, Ohio, Georgia, Massachusetts and Pennsylvania. Florida’s loss experience and defense cost and containment expenses are now competitive with states in this peer group, according to this analysis.
The report also showed that seven new medical malpractice carriers entered the market in 2008.
An analysis of the closed claims data reported 3,336 closed claims in 2008, which paid an estimated $700 million; $519.1 million in damages paid, and the remainder in loss adjustment expense.
Topics Trends Florida Pricing Trends
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