Medical Protective, a Texas admitted primary medical professional liability insurer, will reduce rates another 6 percent effective July 1, 2006. This reduction comes on the heels of two other decreases in the last 12 months, reducing malpractice premiums of Texas physicians by an average of 13 percent cumulatively.
“Medical Protective made a commitment to Texas policyholders, legislators and regulators that we would closely monitor the impact of tort reforms passed in 2003. We are pleased that the emerging data continues to suggest a moderating trend in loss costs and that we are, therefore, in a position to reduce our Texas rates again,” said Timothy Kenesey, president and chief executive officer of Medical Protective. “We are also pleased to confirm that last year’s acquisition by Berkshire Hathaway has helped us attain the industry’s highest financial rating, allowed us to expand our underwriting appetite to additional practice specialties that meet our underwriting criteria, and provided us with the capital to open the door for even more Texas healthcare providers who desire the strongest carrier.”
Even though loss costs in Texas seem to be moderating, Kenesey reminded Texas healthcare providers to remain cautious. “While our data suggests that the severity and frequency of claims is declining, Texas doctors shouldn’t lower their guard. Since the 2003 tort reform, thousands of claims against Texas healthcare providers have been reported, and multi-million dollar verdicts are still possible.”
Medical Protective’s offerings include professional liability insurance on both claims-made and occurrence forms across the healthcare spectrum, risk management consulting and education, premium finance solutions and – through affiliates and partners – additional financial products and services for its healthcare providers.
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