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HomeFocus → Florida Supreme Court Overturns Med Mal Damage Awards Cap

Florida Supreme Court Overturns Med Mal Damage Awards Cap Print E-mail
Written by Matt Gracey   
Wednesday, 21 June 2017 00:00

The Florida Supreme Court's recent overturn of the caps on non-economic damage awards in medical malpractice cases is the final nail in the coffin of tort reforms enacted in 2003. The frequency of lawsuits against doctors and correspondingly the premiums for malpractice insurance in Florida since 2003 have dropped on average about 65%. The market has become healthy with many insurers competing for doctors' business. As the premiums have steadily dropped over the last decade and a half, many insurers' loss ratios have now increased up to, and in many cases over, the 100% combined loss ratio mark. Thus, most insurers have been needing rate increases to stop mounting losses or thin profit margins. This court action will hasten the anticipated hardening of the marketplace and doctors are sure to see higher prices for their coverage and fewer insurers bidding on their malpractice insurance in the near future.

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Last Updated on Friday, 23 June 2017 17:01
 


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