OIR Releases 2006 Report On Medical Malpractice Market
Tallahassee (November 29, 2006) – The Florida Office of Insurance Regulation (Office) has released its 2006 annual report on the medical malpractice insurance market in Florida. Pursuant to Florida law, the Office is required to annually issue a summary and analysis on the state of medical malpractice insurance.
The annual report compares Florida's medical malpractice market to those of other states, provides information on the financial performance of medical malpractice insurers, provides a review of the 2005 rate filings, and an analysis of the closed claims data submitted to the Office's Professional Liability Claims Reporting (PLCR) system.
The report showed that the loss experience in Florida was competitive when compared to other large states. The report further illustrates that rate increases in 2005 were less than in 2004. Fifteen companies were required to achieve an 80 percent market threshold for analysis required by statute, which is 25 percent greater than the 12 companies needed in 2004. Additional companies operating in the marketplace provide greater competition, choice, and price flexibility for consumers of medical malpractice insurance.
"The 2003 legislative reforms made some substantial reforms geared toward improving Florida's medical malpractice market," Florida Insurance Commissioner Kevin McCarty said. "This report is reflective of the improvements the reforms brought about and of the Legislature's dedication to ensuring Florida's physicians have the coverage they need to continue practicing in Florida."