Medical Liability Monitor April 2022 Issue Highlights

April 8, 2022 by matray

The just-published April 2022 issue of Medical Liability Monitor features the following articles and more. Click here to subscribe today.

AM Best Maintains Negative Outlook for MPL Segment in 2022
AM Best maintained its negative outlook for the U.S. medical professional liability (MPL) insurance segment in 2022. In a Market Segment Outlook published last month, the global credit ratings agency cited the ongoing pressures of a depressed demand, rising loss cost trends, an increase in high-severity claims, social inflation and diminishing reserve redundancies as justification for continued concern …

AMA Analysis of Medical Liability Monitor Annual Rate Survey Data Indicate ‘Hard Market’ Pricing in Certain States
An American Medical Association analysis of Medical Liability Monitor’s aggregate medical professional liability insurance rate data found that, for the third-consecutive year, a larger portion of premiums increased (29.5%) than in any year since the last medical malpractice insurance hard market in the early 2000s. Historic data shows the proportion of premiums that increased in 2018 almost doubled in 2019 — from 13.7% to 26.5% — and reached a 15-year high (31.1%) in 2020 ...

Premium Growth Leads Positive Year for MPL Specialty Writers
An exclusive analysis of a composite of MPL specialty writers for Medical Liability Monitor by Milliman Inc. indicates direct written premium increased by 9.8% to $6.2 billion in 2021, its highest level since 2008 and largest increase since 2004. After a short pause in rate action due to the pandemic, last year saw significant premium growth as MPL companies took rate increases and decreased average credits/discounts in response to the continued deterioration of their combined ratios …

Constellation Announces Agreement to Acquire Michigan Professional Insurance Exchange
Constellation announced it has entered into an agreement with Michigan Professional Insurance Exchange (MPIE) to acquire MPIE’s business, assets and liabilities. MPIE employs more than 30 people and has annualized gross written premiums of approximately $23 million. The loss portfolio transfer agreement is contingent upon receipt of all required regulatory approvals, satisfaction of closing conditions and approval by MPIE’s member insureds. The two entities anticipate closing in four to five months …

EmPRO to Enter New Jersey Market this Summer
EmPRO Insurance Co. announced plans to expand into the New Jersey market last month. The New York-based insurer of medical liability has applied for admitted status with the New Jersey Department of Banking & Insurance with the goal of issuing policies beginning this summer. EmPRO attributes its first planned expansion outside New York to recent success. A wholly-owned subsidiary of Physicians’ Reciprocal Insurers, administered by its attorney-in-fact PRIMMA LLC, EmPRO reported the two companies grew their surplus by $29 million last year, achieved $16 million in underwriting gains and posted a 78.9% combined ratio for the year ended Dec. 31, 2021 …

Missouri Considers Shrinking Its Statute of Limitations for Personal Injury Claims
Legislators in both chambers of the Missouri General Assembly are currently debating bills to shrink the state’s statute of limitations for personal injury claims from five to two years. Only Maine and South Dakota have longer statutes of limitations for personal injury claims at six years …

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