Doctors’ Insurance Premiums Continue to Fall

//Doctors’ Insurance Premiums Continue to Fall

Doctors’ Insurance Premiums Continue to Fall

The next time someone complains about escalating malpractice premiums driving doctors out of business, following is some pertinent information.  This argument is often used by Big Insurance and its front organizations, like the U.S. Chamber of Commerce, to promote unneeded “tort reform” legislation.  In truth, premiums are falling and the number of U.S. doctors continues to rise.

The National Association of Insurance Commissioners recently published updated statistics on professional liability premium rates and related measures of the costs associated with medical malpractice litigation. Direct losses dropped from a high of $8,459,389,539 in 2003 to $3,655,161,296 in 2011. Without factoring in inflation, that represents a drop of a whopping 56.8% in 8 years.  In addition, premiums have decreased five years in a row, from $12,167,900,762 in 2006 to $10,296,112,512 in 2011. Thus, malpractice insurance premiums are not “skyrocketing” as industry pawns claim.

You can read more here: http://www.naic.org/documents/research_stats_medical_malpractice.pdf.

The payments reported to the National Practitioner Data Bank (NPDB) from 2001 through 2011, paint a similar picture.  The NPDB reports payments in 2004 of $4,397,780,000 and in 2011 of $2,820,910,000, a drop of 35.8 percent.  You can read more here: http://www.npdb-hipdb.hrsa.gov/resources/npdbstats/npdbTableUS.jsp#Table2.

The NPDB statistics also show the number of payments for doctor negligence has declined ten years in a row. The numbers are:

  • 2001 15,925
  • 2002 14,978
  • 2003 14,930
  • 2004 14,304
  • 2005 13,396
  • 2006 11,677
  • 2007 11,010
  • 2008 10,533
  • 2009 10,440
  • 2010 9,458
  • 2011 8,450

The number of payments in 2011 represents a reduction of 47 percent from the number of payments in 2001.

This data shows that only a fraction of the approximately 1,503,323 people who die or are injured annually as a result of a medical error

[The $17.1 Billion Problem: The Annual Cost of Measurable Medical Errors, Health Affairs, April 2011, 30:4], are actually compensated.  The best way to reduce malpractice claims is to reduce malpractice.  The answer does not lie in cutting awards to individuals who are victimized by the malpractice epidemic.

People interested in learning more about our firm’s legal services, including medical malpractice in Ohio, may ask questions or send us information about a particular case by phone or email. There is no charge for contacting us regarding your inquiry. A member of our medical-legal team will respond within 24 hours.

By |2019-03-18T22:02:46+00:00November 28th, 2012|Patient Safety|0 Comments

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