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From 2013 to 2023, the American court system saw a roughly 67% increase in the number of medical malpractice verdicts awarding $10 million or more.
Another study notes that about 1.14 million patient-safety incidents occurred among the 37 million hospitalizations in the Medicare population over the years 2000–2002. Hospital costs associated with such medical errors were estimated at $324 million in October 2008 alone. [6] Approximately 17,000 malpractice cases are filed in the U.S. each ...
1910 – Medical Protective expands coverage to include indemnity coverage. Medical Protective offers medical professional liability insurance policies with limits of $5,000/$15,000 for $15 a year. [7] 1913 – PDC merges with Medical Protective.
The number of employers who offer health insurance is declining. Costs for employer-paid health insurance are rising rapidly: since 2001, premiums for family coverage have increased 78%, while wages have risen 19% and prices have risen 17%, according to a 2007 study by the Kaiser Family Foundation. [30]
In 2022, hospital services accounted for 42% of health care spending for people with private health insurance, and price hikes from hospitals were a significant contributor to the rise in the ...
After 1988, the insurance premiums in California experienced a decrease. It is contested as to whether this decrease was a result of Proposition 103. Proposition 103 enacted Section 1861.01 of the California Insurance Code, which explicitly required the rollback of insurance premiums by "at least 20%". [10]
The Doctors Company claims to be the largest physician-owned medical malpractice insurer in the U.S., with 80,000 insureds nationwide, $6.2 billion in assets, $2.3 billion in member surplus, and a financial strength rating of A from A. M. Best and Fitch Ratings in fiscal year 2020.
An analysis of a random sample of 1452 closed malpractice claims from five U.S. liability insurers showed that the average time between injury and resolution was 5 years. [10] Indemnity costs were $376 million, and defense administration cost $73 million, resulting in total costs of $449 million.