New York – First Medical Malpractice Insurance Rate Increase In Three Years Only 5%
Side Note: After three years without an increase, New York malpractice insurance rates have been increased an average of 5% this year. Though this is a manageable increase, New York is still a hostile legal climate for doctors. New York physicians should advocate for tort reform in their state, so that premiums do not increase more.
by New York State Insurance Department
NEW YORK, NY (07/06/2010)(readMedia)– The average medical malpractice insurance rate increase for New York doctors this year is five percent, New York State Insurance Superintendent James J. Wrynn announced today. By law, Wrynn is charged with establishing the rates for medical malpractice insurance coverage. The increase, which took effect July 1, followed two years of rate freezes.
“I am pleased that we could keep the first medical malpractice rate increase in three years to an average of five percent,” Wrynn said. “This rate will help hold the line on costs for physicians while giving the insurance companies the resources to pay claims as they come due.”