Medical Malpractice Insurance Rates
The journal, Business Insurance, last week reported that medical malpractice insurers are reporting improved loss ratios as a result of "nearly steady frequency and moderating severity of claims." This means doctors can expect stable medical malpractice insurance rates in the future, at least in some areas of the country.
John P. Gismondi, a plaintiffs' medical malpractice attorney is quoted as saying that "The statistics nationally bear out the fact that over a 25-year period, there hasn't been any great spike in jury awards or payments on claims . . . when adjusted for inflation." Mr. Gismondi also cited a Harvard School of Public Health study done this year that found that most medical malpractice claims that were without merit were resolved without the insurance company paying a single penny.
Interestingly, Paul Greve, a vice president at Willis Healthcare Practice in Nashville, Tennessee said that, according to defense firms, jurors favorable to defendants report that they have been affected by media reports about large damage awards. If true, this shows that proponents of medical malpractice tort reform are winning the hearts and minds of at least some jurors.
