Medical Malpractice Insurance Crisis Worsens
The financial crisis affecting the medical malpractice insurance industry is impacting that sector’s capital base more severely than previously anticipated, according to a new study by Conning Research & Consulting, Inc. The study indicates that failure to resolve the current situation could potentially jeopardize America’s healthcare system in the near future: “Unless we get meaningful and rapid reform, we forecast no end to the medical malpractice insurance industry’s financial problems,” declared Michael Weinstein, Conning’s Director of Research.
Conning’s study closely examined the root causes of the financial crisis, including the increasing severity of claims, which has allegedly produced an unprecedented loss for the industry. According to the study, climbing jury awards mean that the industry is unable to predict potential losses, a crucial element in estimating and pricing risk. A number of medical malpractice insurance companies have since abandoned the field, creating additional problems for potential purchasers of medical malpractice insurance.
The study does not present any one simple solution. Says Weinstein, “While we have examined a menu of potential solutions, we find no easy, quick fix to a very complex problem."
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