Wednesday, July 7, 2010
NY approves medical liability insurance rate hike
New York doctors can expect a 5 percent medical liability insurance rate increase this year, effective July 1, 2010, according to the New York State Insurance Department. While the average rate will increase by five percent, some doctors’ increases can be somewhat more or less depending on their specialty and location.
This rate increase will affect all physicians insured with New York City based Medical Liability Mutual Insurance Company (MLMIC), which is the largest medical malpractice insurer with about 60 percent of the market, and Physicians’ Reciprocal Insurers (PRI), based in Roslyn, which is the second largest carrier with about 30 percent of the market.
Two other firms also received 5 percent rate increases: Hospitals Insurance Company (HIC), based in White Plains, and Academic Health Professionals Insurance Association, based in New York City.
For each of the physicians who are insured under the Medical Malpractice Insurance Pool (MMIP) rates will increase an average of 9.9 percent.