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PLUS Medical PL Symposium 2003

The PLUS Medical Symposium held on March 5, 2003, addressed the contentious issues surrounding medical malpractice. Key discussions revolved around rising insurance costs due to increased loss severity, stock market pressures, and the claim from "Public Citizen" that costs have remained stable over the past decade. The panel debated the roles of insurance companies, medical practitioners, and plaintiff attorneys in escalating costs. Proposed solutions such as tort reform and improvements to patient safety were highlighted, alongside alarming trends in malpractice claims and the potential for physician migration.

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PLUS Medical PL Symposium 2003

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  1. PLUS Medical PL Symposium 2003

  2. PLUS Medical PL Symposium

  3. Doctors Strike “Hype outraces facts in malpractice debate” March 5, 2003

  4. Who’s Right??? Physicians/Companies/Trial Bar • Increased loss cost are driving rates • Stock market losses are driving the rate increases • Companies say average severity and loss cost going up • Robert Hunter study “Public Citizen” claims cost has not changed over the last 10 years • Trial bar contends that poor insurance management is the problem • Insurance companies and doctors contend that greedy plaintiff attorneys are the problem • Tort reform - $250,000 cap non-economic damages, MICRA is the answer • Proposition 103, improve patient safety is the answer

  5. Effects: “Red” Zones Access Threatened • MDs Migrating • Defensive Medicine Lead Carriers Exit • St. Paul • MIXX • PHICO • Frontier • Severity Magnified in XS AMA: Availability Issues Are Real

  6. Medical Malpractice – Combined Ratio Source: AM Best, Conning, Insurance Information Institute

  7. Medical Malpractice: Losses & ExpensesPaid versus Premiums Earned Over the period from 1996 through 2001, premium earned rose 16.8% while losses and expenses rose 68.9% Source: Computed from A.M. Best data by the Insurance Information Institute

  8. Medical Malpractice: Underwriting Losses Med Mal underwriting losses exploded by $2.7 billion or 938% between 1996 and 2001! Source: Insurance Information Institute calculations based on data from A.M. Best.

  9. Medical Malpractice: Cumulative Underwriting Losses The cumulative underwriting loss in Med Mal from 1990-2001 totals nearly $10 billion! Source: Insurance Information Institute calculations based on data from A.M. Best.

  10. Driver: Increasing Awards Avg. Med Mal Jury Awards ($ Millions) Source: Jury Verdict Research, Insur Info Instit • Incident to Trial Cycle Time……….Down 20% since 1994 • Indemnity Pmts > $1MM……………+100% since 1999 • Settlement Costs Rising Too………+30% 1988-1999 • Physician Limits……………………..Stagnant for 15 years Severity and frequency of awards and settlements escalating costs

  11. Claims Payments => $1 MillionPIAA Data Sharing Project % of Paid Claims 7.9% Year

  12. California Premiums Low w/Tort Reform Data From “Medical Liability Monitor” 2001 Premium Survey Data for Selected Specialties $1 million/$3 million limits Los Angeles rate: NORCAL Mutual Insurance Company New York rate: Medical Liability Mutual Insurance Company Chicago rate: Illinois State Medical Insurance Services, Inc. Miami rate: First Professional Insurance Company

  13. Physicians and Surgeons Moderator: E. Dow Walker, CPCU, ARM, ARe, ChairmanWillis Healthcare Practice (Nashville, TN) Panelists: David J. Kalainoff, Senior Vice PresidentTransatlantic Reinsurance Co (New York, NY) James A. McGuire, Esq., PartnerMendes & Mount LLP (New York, NY) David Murray, President & CEOMedical Mutual Liability Insurance Society of Maryland (Hunt Valley, MD) Mary Hedin, Vice PresidentMICA (Phoenix, AZ)

  14. PLUS MPL Symposium 2003

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