New York Approves Medical Malpractice Insurance Rate Hike
The average medical malpractice insurance rate increase for New York doctors this year will be five percent. The increase, which took effect July 1, follows two years of rates freezes.
New York State Insurance Superintendent James J. Wrynn, who approved the rates, said the increase “will help hold the line on costs for physicians while giving the insurance companies the resources to pay claims as they come due.”
Wrynn established new base rates resulting in five percent increases for Medical Liability Mutual Insurance Co. (MLMIC), which is the largest medical malpractice insurer with almost 60 percent of the market, and Physicians’ Reciprocal Insurers (PRI), the second largest medical malpractice carrier with almost 30 percent of the market.
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Two smaller specialty carriers, Hospitals Insurance Co.
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