June 11, 2024 by matray

Below are some headlines and article synopses from the June 2024 issue of Medical Liability Monitor. To read the articles in their entirety, please subscribe today.

MPLI Underwriting Loss Widens, Performance Uneven Among Carriers
The U.S. medical professional liability insurance (MPLI) market’s underwriting loss increased significantly in 2023. Pricing trends remain positive, but it remains uncertain whether MPLI specialists can move toward breakeven underwriting results and bolster returns on capital amid market competition and ongoing loss-cost volatility tied to litigation risks …

AM Best: MPL Segment Underwriting Slips, Profitability Buoyed by Net Investment Income
Premium growth for a composite of medical professional liability (MPL) insurance companies moderated to 3.6% in 2023, but overall financial results were bolstered by favorable net investment income, according to a new AM Best Market Segment Report. The initial premium growth was spurred by price firming after a prolonged period of soft market conditions and challenging industry dynamics that dampened demand …

Colorado Reaches Compromise to Preserve, Increase Damage Caps
Healthcare interests, trial attorneys and lawmakers hammered out compromise legislation last month that will raise Colorado’s cap on noneconomic damages for medical liability claims. As a result of the compromise bill, the Colorado Trial Lawyers Association will withdraw its pending 2024 ballot initiatives to completely eliminate the state’s caps on recoverable damages and pierce peer review confidentiality. Coloradans Protecting Patient Access — a coalition of hospitals, physician groups, liability insurance companies and business organizations — will also retract its ballot initiatives to limit the amount of money trial lawyers can make from medical liability lawsuits. Gov. Jared Polis signed the bill into law on June 3 …

NH Lawmakers Raise Caps on Wrongful Death Loss of Consortium
The New Hampshire Legislature last month sent a bill to Gov. Chris Sununu that would increase the state’s damage caps for wrongful death loss of consortium involving spouses, parents and children. Senate Bill 462 would raise the cap for the loss of “the comfort, society, and companionship of the deceased” for a spouse from $150,000 to $500,000, and for the loss of a parent or a child from $50,000 to $300,000. Gov. Sununu has not taken a public stance on the legislation but is expected to sign it …

MPL Insurance Professionals Convene in Washington, DC, to Collaborate, Solve Problems, Move Industry Forward
The Medical Professional Liability (MPL) Association hosted its Annual Conference in Washington, D.C., from May 8-10. More than 450 attendees assembled at the Omni Shoreham Hotel to hear from more than 25 speakers representing the MPL, healthcare and insurance industries. Following are some highlights from the educational sessions at this year’s MPL Association Annual Conference …

NY Gov. Rescues State Medical Indemnity Fund, Future Solvency in Doubt
New York Gov. Kathy Hochul last month earmarked an additional $58 million for the state’s Medical Indemnity Fund as part of her updated financial plan for this year. The MIF was created in 2011 to provide a funding source for the future healthcare costs of “qualified plaintiffs,” as defined by law, who suffered birth-related neurological injuries due to medical malpractice during a delivery admission. The additional money ensures the program will continue through the remainder of this year. It also allows the program to accept new enrollees in the short term …

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