Nevada Insurance Commissioner Alice Molasky-Arman has approved the request of Physicians Insurance Company of Wisconsin Inc. (PIC) for a 15 percent increase for medical malpractice insurance.
In addition to the 15 percent base rate increase for all classifications in all territories, the charge for entity coverage will increase from 5 percent to 10 percent. Those impacted by the base rate increase that purchase entity coverage will see an increase of 20.5 percent. The average overall premium increase is estimated to be 18.8 percent.
The Division’s actuaries determined that the revised rates were justified based on the company’s experience in Nevada, as well as a comparison of the company’s rates to those of their competitors.
The new rates will become effective on April 1. PIC currently insures 311 Nevada physicians.
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