According to the report, 58 percent of premiums held steady in 2009, while 36 percent of premiums fell. In 2008, 50 percent of premiums held steady, and 43 percent fell.
Only 6 percent of premiums increased in 2010, down from 7 percent in 2008 and 16 percent in 2007, according to the report.
Despite this down trend, premiums remain “dramatically higher” than premiums in the early 2000s, according to the report.
Experts also warn that the drop in premiums could be nearing an end. Although the frequency of claims has dropped in recent years, which has largely contributed to the drop in premiums, there has been a general increase in the awards by juries to injured parties, according to the report.
Tort reform can impact premiums. Premiums have dropped 34 percent in Ohio, since noneconomic damages are capped at $350,000, according to the report.
Read the AMEDNews’ report on medical liability premiums.
