Pennsylvania Governor Ed Rendel announced on Tuesday that claims against the state’s Medical Care Availability and Reduction Error Fund (“Mcare”), a physician-supported pool used to pay a portion of their malpractice insurance costs, dropped 61 percent since 2003. According to figures released by the governor’s office, total Mcare payouts dropped from more than $341 million to about $178 million last year. The number of claims fell from 699 to 396. Stunningly, there are 28 more insurance companies willing to write malpractice policies this year than there were eight years ago. Those statistics speak for themselves.
Something similar is happening in Florida. According to Bloomberg/Businessweek,Florida’s Office of Insurance Regulation (“OIR”) reported Monday that several new insurers have entered Florida last year to write new medical malpractice insurance policies According to the OIR, Florida’s malpractice insurers have enjoyed six years of profitability, while insurance premiums have dropped by an average of 10.8 percent over a six year period (between 2003 & 2009)
New York is experiencing a similar phenominon. Nexus Insurance Services announced this week it will be extending coverage to a multitude of medical service providers not previously insurable through the company. The company’s expansion of coverage is in anticipation of an influx of new physicians based on the Obama health care reforms that will take effect next year.
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