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Malpractice insurers show decrease in rates
Friday, November 10, 2006
COLUMBUS — — Four of the state's five largest medical malpractice insurers have revised their rates to produce an average decrease of almost 2 percent for Ohio doctors this year, following years of increases, the Department of Insurance said Wednesday.
The 1.7 percent decrease in rates follows an average increase of 6.7 percent in 2005, and hikes of 20 percent in 2004 and 30 percent in each of the two previous years.
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One of the insurers, Medical Protective, became the first in six years to lower rates when the department approved a 5 percent decrease in January. A decrease of 3.6 percent from American Physicians Assurance went into effect Nov. 1, the department said.
The OHIC Insurance increased its rates by 2.3 percent after six years of hikes in the double digits, and the Medical Assurance's rate revision didn't change its average rates, according to the department.
