Lower malpractice rates bolster insurers
Orlando Business Journal
The Florida Office of Insurance Regulation reported that declining medical malpractice insurance rates in 2008 bolstered the industry with seven new carriers entering the market.
The office issues an annual report on the industry. It said that conditions for insurers have strengthened since the state Legislature passed a reform act in 2003. Rates last year dropped 10 percent in Florida.
The report looks at loss rates, defense costs and containment expenses were now competitive with other key states.
Last year, the office reported 3,336 claims closed, which paid $700 million, $519.1 of it in damages, the rest in adjustment expenses.