Medical Professional Liability ‘Super Losses’ Are On the Rise
|By Meg Green|
|A.M. Best Company, Inc.|
The overall cost and frequency of so-called "super losses" — losses greater than
"We used to see truly catastrophic losses once a year. Now we are seeing them more regularly," said
While hospitals have improved quality and patient safety measures, "the bigger losses are getting bigger," Thompson said. "What we have seen in the last 18 months warrants more discussion and consideration."
Seven U.S. states in 2011 declared their largest ever medical malpractice awards in cases ranging from inadequate staffing at nursing homes to medical negligence in hospitals,
More than half of all the largest medical professional liability claims in history have been paid in the past five years, according to research by
With insurers charging premiums for catastrophic events often based on a one-in-200 or 300-year loss, "It's time that the health care insurance sector took a careful look at its catastrophic exposures," Thompson said.
So far, those massive claims have not meant changes in rates, terms and conditions in the market, he said.
One thing some medical professional liability companies are doing is suggesting doctors apologize when something goes wrong.
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