Now here's an encouraging note. Having raised rates 90 percent only three years ago, Connecticut medical mal insurer The Medical Protective Co. has set plans to cut rates an average of 24.2 percent next year, as well as insuring more physicians. The company, which is owned by Warren Buffett's Berkshire Hathaway, needs approval from the state's insurance department to make the cut, but if it does, the change will take effect on August 1. Connecticut malpractice rates began falling two years ago. Other insurers are not following suit, however. For example, the Connecticut Medical Insurance Company is keeping rates steady, noting that the average claim cost there is higher than the national average.
To learn more about the cuts:
- read this Hartford Courant piece
Related Articles:
Trial lawyers ask for Conn. med mal rate cut. Report
Texas insurers are reaping big profits from medical malpractice reforms. Article