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By Frank A. Sloan
The price of malpractice coverage to physicians has been expanding lately, as has the danger to physicians of being sued. This e-book describes and analyzes the workings of the marketplace for physicians' legal responsibility coverage. The authors use their very own facts and different assets to check questions corresponding to: Is the marketplace for clinical malpractice coverage aggressive? Has the profitability of clinical malpractice coverage been over the top? Why do malpractice insurers call for reinsurance? What impression has coverage legislation had on charges? And it explores what adventure ranking is and the way it truly is performed.
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Example text
The St. Paul, the nation's leading malpractice carrier, took the unusual step of announcing in 1986 that it would no longer underwrite new applicants for coverage. Existing insureds were covered, the company noted, but the legal-regulatory climate was too uncertain to justify committing new capital. The same company and others also withdrew altogether from several states. Anecdotally, it is said that reinsurance also contracted during this period, but data are unavailable to quantify this effect.
What particular cost-sharing arrangements are observed? Who are the reinsurers? Its empirical analyses cover such issues as these: What amounts of premium income are ceded to reinsurers (percentage retained versus reinsured)? What factors explain the demand for reinsurance? Chapter 6 examines how insurers manage claims and hold dollar reserves against future claims. Good reserving is extremely important to a company. If it underreserves, it increases the risk of bankruptcy as future claims come in, but overreserving requires uncompetitively high premiums.
Controlling for factors such as severity of injury that distinguish malpractice plaintiffs from others, medical malpractice awards were considerably higher than for other types of cases, according to a Rand report (Hensler et al. 1987), a finding strongly reaffirmed by our own research (Bovbjerg et al. 1990). It is unclear, however, from our research that the differences are due in large measure to case selection by plaintiffs and their attorneys as opposed to unusual generosity by juries. 1980s Responses The 1980s saw a resurgence of reform efforts.