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Milliman Evaluations of CAPS on Non-Economic Damages

The Medical Professional Liability Market – What’s Happening and Is Tort Reform the Answer? Richard S. Biondi, FCAS, MAAA. Milliman Evaluations of CAPS on Non-Economic Damages. New York (NY) Florida (FL) Pennsylvania (PA). MAIN DATA SOURCES. National Practitioner Data Base Physicians Only

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Milliman Evaluations of CAPS on Non-Economic Damages

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  1. The Medical Professional Liability Market – What’s Happening and Is Tort Reform the Answer? Richard S. Biondi, FCAS, MAAA

  2. Milliman Evaluations of CAPS on Non-Economic Damages • New York (NY) • Florida (FL) • Pennsylvania (PA) Milliman USA

  3. MAIN DATA SOURCES • National Practitioner Data Base • Physicians Only • All Paid Claims • Countrywide & Every State • FL Dep’t of Insurance Data Base • Only Commercially Insured Claims • Includes Hospital Claims • More Detail per Claim • TX Dep’t of Insurance Data Base • All Paid Claims > $10,000 • Includes Physicians & Hospital Claims Milliman USA

  4. OTHER DATA SOURCES • Physicians Insurance Ass’n of America • Countrywide Only • Annual Statements • All Insurers Consolidated • Rate Filings • US Government (e.g. census) Data Milliman USA

  5. CAPS on Non-Economic Damages Milliman USA

  6. RESULTS MedMal Paid Losses between 1991 and 2000 Milliman USA

  7. RESULTS 2000 MedMal Paid Losses / Physician Milliman USA

  8. RESULTS Non-Economic damages / (Economic damages + Non-Economic damages) Milliman USA

  9. RESULTS Milliman estimates that a $250k cap would reduce MedMal losses by approximately: Milliman USA

  10. RESULTS Milliman USA

  11. RESULTS Milliman USA

  12. RESULTS Milliman USA

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