Over the weekend, there were two big media stories related to the possibility of significant changes in New York’s medical malpractice market. The first, “Growing concern over shifts in N.Y. medical malpractice market,” appeared in Politico New York. The second, “New York medical malpractice insurer PRI struggles, but owner insulated,” was published in the Albany Times Union (to access it click on the proper headline here). In tandem, the story they both tell about industry shifts may cause some worry among physicians, hospitals and dentists – and that’s certainly understandable.
Standing apart in this environment, as noted in the reporting, MLMIC’s finances remain strong. Certainly the kind of industry news that’s in the spotlight right now affects the marketplace, and that’s exactly why we have always emphasized the importance of responsible fiscal policy (see, for example, our recent blog post: “Why Insurer Financials Matter to Policyholders”). There’s no question that the medical malpractice insurance business is volatile, but MLMIC’s record of service and stability within the medical professional liability insurance (MPLI) marketplace goes back more than four decades.
Still, it remains important for MLMIC policyholders to understand how the insurance industry works in New York State and how changes in the marketplace relate to your own insurance coverage and level of exposure. Recent media reports are helping to educate the public and healthcare professionals about how marketplace regulations impact everything from premiums to liability.
In fact, the latter is what Fierce Practice Management has observed in its coverage of the Politico New York piece: “Physicians face more malpractice exposure in New York State’s market.” An attorney quoted in both articles expressed concern that doctors don’t have adequate protection. While MLMIC can’t speak to the coverage of our competitors, we can assure our policyholders that MLMIC’s level of protection remains unchanged. We continue to provide exceptional coverage, a strong risk management program and high quality legal counsel.
Of course, we’ll keep you informed as these developments progress. If at any time we feel there is information that impacts you immediately or directly, we will guide you through it. In the meantime, if you have questions, we’re here to help. Please contact us anytime.