On July 2, 2007, New York State Insurance Superintendent Eric R. Dinallo announced that the Department approved a 14% increase in medical malpractice insurance rates.

The rate increase is intended to provide assistance to the medical malpractice industry, which has witnessed average medical malpractice award has increased by approximately 30% during the last two years. According to the Department, without this rate approval and efforts to address issues in the industry, “the medical malpractice insurance industry will continue to deteriorate into crisis – a spiraling effect that could drive insurance companies out of business and fail to attract new ones into the marketplace, forcing doctors out of New York and decreasing access to health care for all New Yorkers.”

To review the press release, click here.