Liability insurance rates are rising
After a period of relatively steady rates, an analysis indicates that medical liability insurance rates could be on the rise.
For decades the rate of medical liability insurance has held relatively steady, but a recent examination from the American Medical Association indicates that 2020 more than 30% of premiums increased, the highest number since 2005.
Although 2020 was a rough financial year for many health care providers because of coronavirus disease 2019, the analysis did note that it was unlikely to have affected the premiums, as most would’ve been set for the year before the pandemic began in earnest in the United States. Geography appeared to be one of the biggest factors in premium changes. Both Kentucky and South Carolina topped the list of states that had premiums that increased by 10% or more.
The analysis discussed ways that the American Medical Association is attempting to tackle the issue.
For more on the analysis, check out our sister publication Medical Economics.
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