MYTH: Medical Malpractice Insurance Rates Are Rapidly Increasing

Some people will have one believe that the ability of New York doctors to practice medicine is in serious jeopardy. According to these individuals, rapidly increasing insurance premiums are driving them out of business, causing them to leave high risk specialties, and to practice defensive medicine.

However today, New York State Insurance Superintendent, James J. Wrynn. announced that the first medical malpractice insurance rate increase for New York doctors to take place in three years will only amount to an increase of five percent. The change follows two years of rate freezes authorized by the New York State Legislature.

The change will impact those physicians that obtain their insurance from Medical Liability Mutual Insurance Company (MLMIC),  Physicians' Reciprocal Insurers (PRI), Hospitals Insurance Company (HIC), and Academic Health Professionals Insurance Association (Academic).

MLMIC, created in the 1970’s by the Medical Society of the State of New York to replace private carriers that had fled the costly medical insurance business is said to have spear-headed the campaign to keep insurance rates down as they are the largest insurer in New York State.

I believe that this is good news for both doctors, malpractice victims, and patients. The only slight increase in rates may ease some doctors' fears of being unable to afford insurance, and will no longer be ane excuse to be used by physicians that assert that the legal system, attorneys, and insurance companies are out to get them. If the assertion by physicians that insurance rates are driving them out of business are true, they can now rest assured that any increase is very small. Perhaps they can now stop debating about insurance rates, and just concentrate on practicing safe medicine.