Insurance Companies Get Richer, The Injured Get Screwed
01/31/10 14:18 Filed in: Medical
Malpractice | Tort Reform
According to research, medical malpractice
insurance companies just keep getting richer. Since
the turn of the century, the money insurance
companies took in increased by 120% while the
amount they paid out dropped by 15%.
Even more surprising? States with a ‘cap’ or maximum amount recoverable for harm actually experienced an increase in the cost of premiums.
A copy of the complete report can be downloaded and read here.
So, while everyone claims that medical malpractice insurance is getting too expensive and medical malpractice lawsuits are the problem, the real problem appears to be aggressive lobbyists hired by insurance companies are seeking to further pad the coffers and profits of the insurance industry at the expensive of people. And yet, somehow, someway, the Utah legislature is considering LOWERING the damages cap in Utah. Of course, maybe they should look first to who they are serving.... The Utah Medical Insurance Association, one of the largest providers of malpractice insurance in Utah, carries nearly a quarter billion dollars in assets ($230,718,580 as of 2008). Greed, apparently, is good for the insurance companies.
Even more surprising? States with a ‘cap’ or maximum amount recoverable for harm actually experienced an increase in the cost of premiums.
A copy of the complete report can be downloaded and read here.
So, while everyone claims that medical malpractice insurance is getting too expensive and medical malpractice lawsuits are the problem, the real problem appears to be aggressive lobbyists hired by insurance companies are seeking to further pad the coffers and profits of the insurance industry at the expensive of people. And yet, somehow, someway, the Utah legislature is considering LOWERING the damages cap in Utah. Of course, maybe they should look first to who they are serving.... The Utah Medical Insurance Association, one of the largest providers of malpractice insurance in Utah, carries nearly a quarter billion dollars in assets ($230,718,580 as of 2008). Greed, apparently, is good for the insurance companies.