Connecticut Medical Insurance Co., one of the state’s largest writers of medical malpractice insurance, has decided to hold its rates steady for 2006 after raising them each of the last five years.
The doctor-owned insurer said its premiums are adequate to cover projected claims, which it estimates will average more than $21,600 each next year. That’s about double what the average was 10 years ago.
Some long term, claims-free insureds may even see their bills go down next year. Loss experience credits will range from 7.5 percent to 25 percent.
According to Dr. Sultan Ahamed, CMIC chairman and president, the company was able to strengthen its surplus over the past year. “This was due principally to our progress in adequately pricing our insurance products,” he said.
Despite the fact rates are not going up, the insurer’s chief executive officer, Denise Funk, maintained that the high number of lawsuits and claims remains a problem.
“The company’s action is not the result of any recently passed tort reform and does not indicate Connecticut’s medical malpractice crisis is over,” Funk said. “Physicians continue to face malpractice costs that have increased dramatically in the last five years without any legislative relief or increase reimbursement by health insurers.”
The Glastonbury insurer, which is rated B++ by A.M. Best, serves more than 2,300 physicians, dentists and other healthcare providers.
Topics Pricing Trends Connecticut
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