The Florida Office of Insurance Regulation has released its 2010 Annual Report on medical malpractice financial information. Regarding overall profitability, the report shows that the return on surplus for Florida’s leading medical malpractice companies was 6.6%.
The report also compares Florida to nine other states with the largest medical malpractice markets: California, Georgia, Illinois, Massachusetts, New York, New Jersey, Ohio, Pennsylvania, and Texas. An analysis shows that Florida’s loss ratios and non-loss costs were competitive with these other states.
Medical malpractice insurance rates for physicians and surgeons decreased over the last year by almost 10%, while there were some modest increases for some specialty areas of medicine including podiatrists, optometrists, and chiropractors.
The report also provided some insight into the claims filed over the past year. There were a total of 3,087 claims reported as closed during 2009. Of those, 1,577 were for females and 1,510 were for males. The most common claim locations were hospital inpatient facilities, and most claims were in the severe to moderate severity category. An estimated $736.9 million was paid in total—$570.3 million in damages and the remainder in loss adjustment expenses.