New Report Increases Debate Over Rising Insurance Costs
October 21, 2002
A new report published in Sunday's issue of The Cleveland Plain Dealer reveals that there is no relation between high medical malpractice jury awards in Cuyahoga County (the greater Cleveland area) and a recent increase in the cost of insurance. As part of its analysis, the newspaper examined all 6,726 medical malpractice lawsuits filed in the county's Common Pleas Court from 1992 through the end of September 2002. According to the article, the same number of suits were filed in 2001 and 1995, but jury awards last year totaled nearly 30 percent less than in 1995.
Sunday's report simply adds more debate to the issue of why insurance premiums are increasing. Doctors allege that large medical malpractice verdicts in recent years have caused premiums to rise, forcing many physicians to leave their practice. Plaintiff attorneys, however, say insurance companies have raised premiums to cover their losses caused by bad investments over the last few years.
In late September, the U.S. House of Representatives passed a bill that aims to cap pain and suffering awards in medical malpractice cases at $250,000 and punitive damages at twice the amount of economic damages. The bill would also limit attorney fees. The Senate, which is unlikely to vote on the legislation before Congress adjourns for the year, has rejected six similar bills aimed at capping malpractice awards since 1995.
-- Article Courtesy of InjuryBoard.com
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