New York is among only three states with total medical malpractice payouts exceeding $300 million in 2017. In addition, its total payout of $617,973,000 earns it the distinction as the state with the highest per capita payout ($313) in the nation.
In a recent special report on the insurance industry in the United States, A.M. Best – a leading insurance rating organization – notes a disturbing trend among risk retention groups (RRGs): they appear to be failing at an increasing rate.
Financials are only part of the picture when it comes to your relationship with your medical malpractice carrier. The length of the relationship matters, as well.
Many companies sell medical professional liability insurance (MPLI) at deeply discounted rates. And while this may provide immediate relief to the insureds, the financials of these companies can be a cause of concern.