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Lawsuits not the Cause of Rising Malpractice Premiums
A study published by Weiss Ratings (www.weissratings.com) an independent insurance-rating agency in Palm Beach Gardens, Florida, found that between 1991 and 2002, states with caps on noneconomic damage awards saw median doctors malpractice insurance premiums rise 48% - a greater increase than in states without caps. In states without caps, median premiums increased only 36%. Moreover, according to Weiss, "median 2002 premiums were about the same" whether or not a state capped damage awards. Time Magazine reports, "Weiss found nine states with flat or declining premiums; two of them had caps, seven didn't." Weiss speculates that regulation of premium increases made the difference. In California, consumer groups argue that the state's tough oversight of the insurance industry, not its caps on damages, explains why rates have grown more slowly....[C]aps on noneconomic damages may not hold down doctor's insurance costs, but they have boosted insurer's profits...'The caps are great for insurers'..., Weiss said. (ATLA Law News Digest - June 5, 2003)
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You may need personal injury lawyers to protect your
rights! Where a more serious and/or permanent injury has been sustained, an
individual who does not have the training and experience in personal injury law,
is not on an even playing field with the claims representative and/or defense attorneys.
Claim reps have specialized
training, experience, and are closely supervised to operate within strict insurance
company guidelines. Nonetheless, insurance adjusters many times will go to great lengths
to keep an injured accident victim from hiring a personal injury lawyer to represent them.
Their insurance
company is motivated to do only one thing,
settle your claim as cheaply as possible.
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