ProMutual Plans No Rate Increase in 2007 for Mass. Physicians
Medical Professional Mutual Insurance Co. (ProMutual) will not increase its rates for physicians, surgeons, dentists and certified nurse midwives in Massachusetts for 2007.
If the proposed rates are approved, the company said that many policyholders will see a decrease in their premiums. A number of specialties such as obstetrics, orthopedics and anesthesiology should see reduced rates up to 10 percent.
The rates, which are subject to review by the Massachusetts Medical Society and Massachusetts Division of Insurance, will go into effect July 1, 2007 if approved, and will affect more than 9,000 healthcare providers insured by ProMutual in Massachusetts.
“We have worked hard as a company and with our insureds to be in the position to support our decision to not increase rates,” said Barry M. Manuel, MD, FACS, chairman of the board for ProMutual Group.
The company credits the rate stabilization in part to sound underwriting as well as physician loyalty and their participation in risk management programs.
ProMutual said claims data industry wide and within its own experience supports a hold on rates.
ProMutual Group is the largest provider of medical malpractice liability insurance in New England, with $349 million in direct written premium and an A.M. Best’s Rating of A- (Excellent). Based in Massachusetts, ProMutual Group member companies also operate in Connecticut, Maine, New Hampshire, New Jersey, Pennsylvania, Rhode Island and Vermont.