How medical malpractice insurance is evolving in wake of ACA implementation
(page 1 of 3)
Though the impact of the Affordable Care Act (ACA) on medical malpractice insurance remains a bit of a puzzle, three insurance experts pieced together likely effects at a recent insurance conference for actuaries in New York.
Two casualty actuaries and a veteran medical malpractice underwriter were able to use demographic and health industry trends to predict how the medical malpractice world could change over the next decade, and gave their forecast at the Casualty Actuarial Society’s Seminar on Reinsurance.
Through early April, seven to eight million people had signed up for health care through insurance exchanges, noted Elke Kirsten-Brauer, executive vice president and chief underwriting officer of MGIS, a leading national insurance program manager for medical professionals. She said about one-fourth did not have insurance before; within a few years, more than 22 million people will gain health insurance.
The mere presence of more insureds will increase the number of medical malpractice claims, Kirsten-Brauer said. Compounding the issue is the fact that they are largely unfamiliar with the health care system.
“These are people who have never gone through the system,” she said. “We need to educate them.”
Absent any help understanding the system, Kirsten-Brauer predicted, patients will be more likely to sue.
- Political reaction: Republicans propose The American Health Care Act
- State Farm reports $1.2 billion pre-tax operating loss in 2016
- DOL aims for initial 60-day delay in fiduciary rule effective date
- Report aims to put a stop to ‘Use It and Lose It’ homeowner policies
- Most LTCI claims begin and end at home; insurers pay out $8.65 billion in 2016 claims, new data confirms
- Record-setting fixed, FIA sales in 2016 can’t keep overall annuity sales from 6% decline
- 2nd annual ‘Insurance Careers Month’ trumpets fact 93% are proud to work in the industry; rallies recruiting efforts
- MetLife annuity and life products officially rebranded under Brighthouse Financial name