Florida's 2011 Medical Malpractice Report Shows Stable Marketplace
– The Florida Office of Insurance Regulation (Office) released its 2011 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 2010 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 shows that this line of insurance continues to be profitable. There were 61 medical malpractice rate filings approved during 2010 in Florida. The average approved rate change for physicians and surgeons medical malpractice, the largest segment of medical malpractice insurance, decreased rates 2.6%.
The annual report compared Florida's medical malpractice to data from other states with the largest medical malpractice markets including: California, Georgia, Illinois, Maryland, Massachusetts, New York, New Jersey, Ohio, Pennsylvania, Texas, and Washington. 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 2010 are also available on the Office’s website.