MedPro cuts medical malpractice rates in Texas
San Antonio Business Journal – by Tamarind Phinisee
Medical Protective (MedPro) has lowered its medical insurance rates by an average of 6.2 percent for physicians throughout the Texas.
This is the sixth time in the last four years that the Dallas-based primary medical-liability insurer has made a rate reduction. In all, the company has reduced malpractice premiums for Texas physicians by an average of over 37 percent during this period.
MedProâ€™s Vice president of southwest sales, Steve Simmons, attributed the rate decrease to reduced malpractice losses as a result of tort reform in Texas enacted five years ago.
â€œWe are pleased to confirm that emerging data continues to suggest moderating trends in loss costs and that we are, therefore, in a position to reduce our Texas rates yet again,â€? Simmons says. â€œWe pledged to monitor the impact of tort reform legislation enacted in 2003, and the data continues to suggest moderating severity and frequency of claims.
â€œWe canâ€™t take Texas tort reform for granted … .â€?
MedPro provides medical professional liability insurance. The companyâ€™s offerings include risk-management consulting and education, premium finance solutions and â€” through affiliates â€” additional financial products and services for health care providers.
The companyâ€™s products are underwritten by The Medical Protective Co., which is rated AAA (extremely strong) by Standard & Poorâ€™s and A++ (superior) by A.M. Best.