California Medical Malpractice Insurance
The History of Medical Malpractice Insurance in California
In the early 1970's, the state of California faced a medical malpractice insurance crisis. Frequency, severity and large jury awards caused liability premiums to escalate as much as 300%. For high-risk specialties in particular, such as OB/GYN's, Neurosurgeons, Vascular Surgeons, and General Surgeons, this became a very difficult time to practice medicine.
Finding affordable medical liability coverage was difficult and some doctors were forced to shut their doors. The governor of California was forced to call a special session to address what was labeled a medical “malpractice crisis.” The result of this session was the enactment of the Medical Injury Compensation Reform Act of 1975 or “MICRA.”
eQuoteMD™ Saves California Physicians Money
Save Between 20−40%. Request Your Free Quote Today.
- Every Specialty & Facility in California
- “Stand Alone” Tail Coverage Available
- Malpractice Coverage for MedSpa's & Weight Loss Clinics
- Multiple Quotes on Rates
- Claims Free Discounts
- Save an Average of 25% on Premium
- $1M/$3M California Limits of Liability
- Occurrence & Claims-Made Coverage
- Coverage for Doctors with Claims
- ”A+“ Rated Insurance Companies
California Doctors Start Saving Today!
Are you currently practicing medicine in or planning to move to the “Sunshine State”? Requesting a free medical malpractice insurance quote today can save physicians up to 40% on premiums. Let eQuoteMD help you protect your practice in California.
Statistics for California Health Care Providers & Physician Insurance
- Licensed Physicians — 99,900
- Total Written Premiums in California — $548,000,000
- Total Amount of Incurred Losses — $133,000,000
- Loss Ratio — 24.24%
- Liability Insurance Companies Writing Policies — 40
New Lower California Malpractice Insurance Rates
On July 15, 2011 seven of the carriers that make up the majority of the California medical malpractice insurance market filed for rate decreases ranging from 1.35% to 19%, including the state's largest carrier at 7.31%. Combined with two new carriers entering in to the market this year, California has continued to make a very competitive market for medical malpractice insurance.
- Attorney contingency fees are limited to a sliding scale
- Non-economic damages are capped at $250,000
- Compensation for economic damages (i.e. medical costs, lost wages, future earnings, etc. are ensured)
- Statute of Limitations on claims
- Advanced notice of claim required
- Binding arbitration for disputes allowed
- Provisions for periodic payments on future damages
The impact on the California medical malpractice environment has been greatly impacted by the implementation of MICRA. Access to healthcare has increased, specialists are more readily available, injured patients receive awards quicker, and California now has one of the most stable rates in the country for medical malpractice insurance.
Summary of the California Medical Malpractice Insurance Market
Since MICRA, the California medical malpractice insurance market has become and remains very competitive. The premium rates in California have been very stable as have the malpractice claim trends. This stability has attracted numerous medical liability insurance carriers to the state of California and gives physicians multiple choices to choose from. These choices of liability insurance carrier types include — Admitted Carriers, Surplus Lines Carriers and Risk Retention Groups (RRG).
The market in California has been labeled as a “soft market” — meaning there have been fewer malpractice claims over the past several years. This allows several of the medical malpractice insurance companies to issue dividends or reimbursements back to the insured doctors.
External Links & Resources for California Physicians & Surgeons
The SIMPLEST way
to SAVE money
California Physicians Save on Medical Malpractice Insurance
- Quotes from Multiple “A++” Rated California Medical Malpractice Insurance Companies —
Compare premiums to get the highest quality coverage at the lowest rates possible.
- Coverage is Available in All 50 States for California Physicians
- Prior Acts Coverage Included —
No need to purchase separate tail coverage.
- Access to Multiple Discounts —
- New to Practice Discounts
- Claims Free Discounts
- Medical Group Discounts
- Part-Time Practice Discounts
- Years in Practice Discounts
- American Board Certified Discounts
- Coverage for All Types of Procedures —
Examples include, but are not limited to:
- Medical Spa Procedures
- Weight Loss (including HCG)
- Bariatric Surgery
Latest from the eQuoteMD Blog
May 20, 2013
April 23, 2013
April 4, 2013
March 11, 2013