Medical Malpractice Insurance News

MLMIC’s Chief Actuary Thomas Ryan answers questions related to a recent report on the nationwide medical professional liability market. The conversation, reprinted here from The Scope: Medical Edition, can help our readers understand the challenges specific to the New York market and how they impact insurers and policyholders.

The MLMIC website hosts hundreds of free online resources for both policyholders and the broader medical community. Now, all of those resources – including the MLMIC blog – are part of the MLMIC Insider.

MLMIC Insurance Company has received an A+ (Superior) Financial Strength Rating and a Long-Term Issuer Credit Rating of “aa-” from AM Best.

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.

Physicians in NYS may experience problems, distractions and disruptions if insured by an RRG that has been declared insolvent. As a service to our policyholders, we are providing information that describes what to expect if your RRG is declared insolvent.

Media reports indicate that New York State has ousted the CEO of the state’s second largest medical malpractice insurance carrier. Although dramatic changes like this may give the appearance of instability in the entire market, MLMIC assures policyholders that their coverage is not at risk and MLMIC continues to demonstrate sound financial condition.

While MLMIC continues to demonstrate financial strength, Politico New York has reported that one of the state’s major malpractice insurance carriers has both a negative surplus and declining revenues.

On January 17, the Albany Times Union reported a new development in the struggles for one of New York’s major malpractice insurance carriers. Instability of a large provider creates some uncertainty for the entire market, of course, but we want to assure MLMIC policyholders that their coverage is not at risk.

Instability of a large provider creates some uncertainty for the entire market, of course, but we want to assure MLMIC policyholders that their coverage is not at risk.