Chad Karls, editor of the Medical Liability Monitor’s 23rd Annual Rate Survey issue, discusses the current state of the medical professional liability (MPL) insurance market. The MPL market is still calm, continuing the trend of reduced claim frequency that has been seen over the last decade, with no clear explanation for the decrease. However, some fundamental changes could be on the horizon. Small trends, recent patient safety initiatives, and reform ideas could lead to radical changes in the future. A close monitoring of trends is critical for continued financial success in the industry.
This article was first published in Medical Liability Monitor.
For many companies, the cost to defend medical professional liability claims is actually higher than the cost of indemnity payments. In many cases, two-thirds to three-quarters of defense costs can come from defense attorney fees. Milliman Datalytics-DefenseTM analyzes the huge amount of data in the line items on attorney bills and provides a new perspective on the actual source of defense costs.
In this video, Chad Karls discusses how Datalytics-Defense can help businesses better manage defense costs and abate future billing.
What does the future hold for medical professional liability insurance? In an interview with the Professional Liability Underwriting Society (PLUS), Milliman principal Chad Karls discusses new factors affecting the industry and past trends that provide an indication of where the industry is headed.
In a recent article, Chad Karls, editor of the Medical Liability Monitor’s 22nd Annual Rate Survey, explores when the medical professional liability (MPL) market will break out of its current state and examines other factors influencing the MPL insurance market. He describes how that market arrived at its current position and the contradictory state of the market today; he also offers new ideas about how long it will be before the market begins to harden and why that will be necessary before change can occur.
This article was published in Medical Liability Monitor.
While the medical professional liability (MPL) industry has enjoyed what is arguably its greatest financial success ever during the last several years, one cost element has increased at a noticeably higher rate than the others: the average defense cost per claim.
Gleaning insights into defense costs data can lead to a better understanding—and better management—of such costs.
The proliferation of web-based business transactions, paired with advances in data mining and data warehousing techniques, makes it possible to extract more detailed and valuable insights from existing defense cost data than ever before.
Armed with this information, companies will be able to better manage the entire claims process, including the cost of defense.
This article from the Physician Insurer explores these issues in depth.
Last year was another year of financial growth for the medical professional liability (MPL) insurance industry. The industry’s combined ratio and operating ratio in 2011 increased slightly from 2010, though both ratios remained near the low levels seen since 2006. Insurers were able to release reserves once again, and they returned a substantial portion of these releases as policyholder dividends. The MPL industry once again set a record for the amount of dividends returned to policyholders during 2011 despite the slight decline in financial results. Surplus also grew moderately in 2011, providing the MPL industry with additional capital support.
This article from the Second Quarter 2012 issue of Physician Insurer Magazine examines these dynamics.