Florida Office of Insurance Regulation Releases 2010 Medical Malpractice Insurance Market Report
Oct 5, 2010
The Florida Office of Insurance Regulation (“OIR”) released its annual statutory report on the State’s medical malpractice insurance market yesterday, October 4, 2010. The report features comparative information about Florida’s medical malpractice insurance market in relation to other states. Financial performance statistics on Florida medical malpractice insurers, a review of Florida rate filings and an analysis of closed claims data are also included. To view the report, click here.
An OIR news release about the report is reprinted below.
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Florida’s 2010 Medical Malpractice Report Shows Stable Marketplace
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) released its 2010 annual report on the medical malpractice insurance market in Florida. The Office is required to issue a summary and analysis of the state of the medical malpractice insurance industry on an annual basis pursuant to Florida Statutes. The report features 2009 data compiled from Office rate filings, financial data, and the closed-claims database.
The report showed positive trends for the industry in Florida. The average return on surplus for companies operating in Florida was + 6.6 percent – lower than in 2008, but it does represent the sixth consecutive year of profitability. Another interesting finding was the average approved rate for rate filings in the primary medical malpractice market in 2009 (physicians and surgeons) was negative (10.8 percent).
“The Office’s annual report shows the continuing strength and stability of Florida’s medical malpractice marketplace,” stated Commissioner Kevin McCarty. “Florida’s marketplace remains competitive relative to other large states, which is encouraging news for doctors and hospitals.”
The annual report compared Florida’s medical malpractice to data from nine other states with the largest medical malpractice markets: California, Georgia, Illinois, Massachusetts, New York, New Jersey, Ohio, Pennsylvania, and Texas. The report showed that Florida’s loss ratios, and non-loss costs were competitive with other states in this peer group.
Annual medical malpractice reports from 2004 to 2009 are also available on the Office’s website.
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