New Report in Florida support tort reform changes
side note: The Florida Office of Insurance Regulation issued a report that shows a drop in med-mal rates for the 5th year in a row. We do think rates will continue to lower and we do not expect rates to rise anytime soon. We hope this is the case for a State that has seen some of the highest costs in the country.
Florida legislation passed in 2003 to stem the rising tide of malpractice insurance premiums appears to be working.
A new report by the Florida Office of Insurance Regulation finds a net decline of 10 percent for all approved medical malpractice rates in Florida. That’s the fifth year in a row that the cost of medical malpractice insurance has fallen.
“This is very encouraging news for doctors and hospitals,” Insurance Commissioner Kevin McCarty said in a news release.
The report, which compares Florida’s medical malpractice industry financial data with that of nine other states, shows that Florida’s loss experience and defense cost and containment expenses are now competitive.