Florida's total medical malpractice premiums dropped in 2008 for the fifth consecutive year, according to an annual report filed by the Office of Insurance Regulation (OIR).The report cited the continuing effects of the 2003 legislative reforms in the premium net decrease of 10 percent in 2008 for all approved rates. Florida had total medical malpractice premiums of $592,024,645 for calendar year 2008, putting it fifth in the nation after New York, California, Pennsylvania and Illinois.
- The analysis, available at www.floir.com, also showed that in 2008:
- There were 31 rate filings, down from 62 in 2007.
- The weighted average rate approval in the primary medical malpractice market of physicians and surgeons decreased 7.1 percent.
- The weighted average rate approval for dentists rose 4.61 percent.
- The weighted average rate approval for professional nurses decreased 12 percent.
- Florida ranked fourth among the ten most populous states when measured by losses incurred to earned premium.
- About 20 percent of Florida physicians were insured by surplus lines carriers or risk retention groups.
- Seven new companies entered Florida's medical malpractice market.
- Medical malpractice insurance companies reported 3,336 closed claims. Of these, 1,730 claims were filed by females and 1,606 claims were filed by males.
- Most claims were in the severe to moderate-severity category.
- An estimated $700.2 million was paid in claims; $519.1 million in damages paid, and the remainder in loss adjustment expense.
