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Medical Malpractice Update

Medical Malpractice Update. CASE 2004 Fall Meeting. Medical Malpractice Update. Topics change in players financial results reforms. Medical Malpractice Update. Medical Malpractice Update. Medical Malpractice Update. Still fairly spread out MLMIC, the largest, at 10% drops off quickly

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Medical Malpractice Update

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  1. Medical Malpractice Update CASE 2004 Fall Meeting James D. Hurley, ACAS, MAAA

  2. Medical Malpractice Update • Topics • change in players • financial results • reforms

  3. Medical Malpractice Update

  4. Medical Malpractice Update

  5. Medical Malpractice Update • Still fairly spread out • MLMIC, the largest, at 10% • drops off quickly • Huge turnover... • St. Paul, MIIX, Phico, SCPIE, ROA, Farmer’s • over $1 Billion in premium moves • some commercials step-up • Many new formations • most are state specific (or even ‘group’ specific) • getting into the game tougher

  6. Medical Malpractice Update • Financial Results – survey (ex. MLMIC) • balance sheet • income statement • Schedule P

  7. Medical Malpractice Update

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  35. Medical Malpractice Update Messages – • Financial results – a work in progress • but better than industry medical malpractice • Underwriting • combined ratio (at 120%) still too high • 2003 coverage year almost gets it • rate increases still to be ‘felt’ • question is reserves • Investment income • still evolving – ‘numerator / denominator’ problem • expect lower than 2003 • interest rate increase – ‘talk is cheap’ (and no help for 2004) • Leverage – still upward pressure • ‘Stars need to align’ to assure better 2004

  36. Medical Malpractice Update • Reforms • tort reform • HR5 / MICRA / other states • will it work? • will it be upheld?

  37. Medical Malpractice Update • Reforms • tort reform • insurance reform • Prop 103 • rollbacks / freezes • repeal anti-trust exemption • ‘SMART’ laws • RBC

  38. Medical Malpractice Update • Reforms • tort reform • insurance reform • healthcare reform • provider discipline • patient safety

  39. Medical Malpractice Update

  40. Medical Malpractice Update Questions?

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