Largest Insurer Admits Caps on Damages Will Not Lower Malpractice Premiums
Smoking Gun Document Proves Insurance Industry Lies
Contact Carlton Carl, ATLA Director of Media Relations, (202) 965-3500 x334
October 27, 2004—GE Medical Protective, the nation's largest medical malpractice insurer, now admits that caps on compensation for non-economic losses in lawsuits will not lower doctors' malpractice insurance premiums.1 The regulatory filing defends the insurer's request to raise rates 19% just one year after the state's voters narrowly passed a constitutional amendment to cap doctors' liability for the most severe, life-altering injuries at $250,000.
Insurance industry and medical association proponents of the measure claimed that caps would lower premiums for doctors. A report2 issued last March by GE Medical Protective repeated the claim. Now the insurer finally admits the truth, that "capping non-economic damages will show loss savings of 1.0%."
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Smith also pointed out that the top 10 U.S. insurers reported record profits of $25 billion in 2003, according to Forbes.com.
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