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Casualty Actuaries in Reinsurance. Observations on Medical Malpractice. This document is incomplete without the accompanying discussion; it is confidential and intended solely for the information and benefit of the immediate recipient hereof. Observations on Medical Malpractice.

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casualty actuaries in reinsurance

Casualty Actuaries in Reinsurance

Observations on Medical Malpractice

James D. Hurley, ACAS, MAAA

This document is incomplete without the accompanying discussion; it is confidential and intended solely for the information and benefit of the immediate recipient hereof.

observations on medical malpractice
Observations on Medical Malpractice
  • Financial results
  • Data/Analytical issues
  • Tort reform
observations on medical malpractice1
Observations on Medical Malpractice
  • Financial results impacted by...
    • 1990’s
      • modest loss trends
      • favorable reserve development
      • relatively high investment returns
      • expansion
      • slippage in pricing
    • 2000’s
      • loss trends pick up
      • unfavorable reserve development
      • investment returns turn
      • rates adjusted
combined ratios
Combined Ratios

Source: AM Best, RAA

observations on medical malpractice2
Observations on Medical Malpractice
  • Financial results impacted by...
    • 1990’s
      • modest loss trends
      • favorable reserve development
      • relatively high investment returns
      • expansion
      • slippage in pricing
    • 2000’s
      • loss trends pick up
      • unfavorable reserve development
      • investment returns turn
      • rates adjusted
    • ... a work in progress?
observations on medical malpractice3
Observations on Medical Malpractice
  • Data/Analytical issues
    • Jurisdictions
    • Limits/Clash
    • Review ALAE/Indemnity combined and separately?
    • Sources
      • company data
      • JVR
medical malpractice jury awards
Medical Malpractice – Jury Awards

Source: Jury Verdict Research

observations on medical malpractice4
Observations on Medical Malpractice
  • Data/Analytical issues
    • Jurisdictions
    • Limits/Clash
    • Review ALAE/Indemnity combined and separately?
    • Sources
      • company data
      • JVR
      • National Practitioner Data Bank
      • state specific data sets
    • Experience vs. expected ILF’s
observations on medical malpractice5
Observations on Medical Malpractice
  • Tort reform
    • Background – Federal
      • HR5/HR4280
      • MICRA-like
    • Background – State
      • many have discussed
      • several have passed
      • likely impacts
observations on medical malpractice6
Observations on Medical Malpractice
  • Tort reform (cont’d)
    • Issues/Risks
      • limited data to evaluate
      • prospective credit?
      • interpreted as expected
      • upheld
      • specifics
        • non-economic limit: per defendant or per occurrence
        • collateral source: jury disclosure or after award
        • panels: admissible or not
        • PCF, etc.
        • no-fault
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