Illinois Medical Malpractice Insurance
Illinois Medical Malpractice Insurance Market Summary
Due to the 2010 Supreme Court ruling to overturn Illinois tort reform, Illinois continues to be in the spotlight for medical malpractice. Illinois currently has no limit on pain and suffering damages as a result. This overturning of the tort reform is feared to result in higher medical malpractice insurance premiums, a rise in the number of claims, and overall climate that could lead to physicians leaving the state. This fosters the fear that access to affordable healthcare could diminish.
2010 also marked the sixth straight year that Cook County Illinois has been named to what the American Tort Reform Association labels as a “Judicial Hellhole” list. Also among the counties mentioned on the “watch list” were Madison and Saint Clair Counties.
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Illinois Medical Liability Insurance Carrier & Availability Summary
Illinois is a market that is dominated by the state’s largest carrier ISMIE, which represents over 60 percent of the medical malpractice insurance market with the top 25 carriers representing nearly 99 percent of the available medical malpractice insurance market. Leading into the year 2010 the number of carriers offering coverage increase significantly with rates being as low as the have been for nearly a decade. To date, even with the overturning of the Illinois tort reform, carriers are still competing for business in Illinois and there have been no rate increases as a result.
Obviously compared to the country as a whole, the rates in Illinois are high, especially in Cook and collar counties as well as Madison and Saint Clair counties, but overall as a market rates have been stable. Recently, the state’s second largest carrier, American Physicians Insurance Company (APIC) was purchased by the nation’s largest carrier, The Doctor’s Company. Availability is currently not an issue in Illinois, but as always affordability is the issue.
External Links & Resources for Illinois Physicians & Surgeons
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