Figures

8%

The drop in premiums sought by the largest medical malpractice insurer in Maryland for next year in what would be its first rate reduction since at least 1992. The potential rate cut by Medical Mutual Liability Insurance Society of Maryland represents a big difference from 2004 and 2005 when rate increases of 28 percent and 33 percent sparked protests by doctors and led lawmakers to call a special session in Annapolis.

$25,000

That’s how much a homeowner whose house is insured for $500,000 would be required to pay if a hurricane caused damage under a 5 percent deductible. Virginia Commissioner of Insurance Alfred W. Gross used the example in alerting property owners that several top insurers are imposing mandatory hurricane deductibles of 5 percent. Many of those same policies previously carried mandatory deductibles of 2 percent or 3 percent. “It is important that consumers recognize the magnitude of such a change in the terms of the policy,” said Gross, who also reminded insurers they must notify customers of such a change.

-0.9% and -0.1%

The decreases in pure premium loss costs and assigned risk rates that become effective in Connecticut on Jan. 1, 2007.

$3 billion

How much it could cost to make Philadelphia’s heavily traveled Roosevelt Boulevard safer. Converting the boulevard into a depressed highway or a conventional four-lane route with a median could cost up to $3 billion, Clarena Tolson, streets commissioner, told the City Council, which began looking into answers following four pedestrian deaths in just one month along the 14 mile roadway.

7,500

The number of pages of documents sought by seven insurers being asked to cover 57 clergy sex abuse claims by the Springfield (Mass.) Diocese. The insurers argued in Berkshire Superior Court that the 7,500 pages would enable them to see how the diocese handled allegations of sexual abuse by priests. But a lawyer for the diocese said the documents are protected by spiritual counseling privilege and free exercise of religion laws.

$261 billion

The total U.S. tort costs in 2005, which is approximately $880 per person and $4 less per person than in 2004, according to the “2006 Update on U.S. Tort Cost Trends” from the Tillinghast business of Towers Perrin. The growth rate of tort costs in 2005 was 0.5 percent, which is significantly lower than the growth rate of 5.7 percent in 2004 and 5.5 percent in 2003. The $1.1 billion increase over tort costs in 2004 is the smallest since 1997.