Despite an overall increase in rates nationwide, the ProAssurance medical malpractice insurance rates for Indiana decreased for all reported specialties from 2020 to 2021 and remain highly competitive compared with those in neighboring states. In most instances, Indiana’s rates are significantly lower than in neighboring states.
Every October, the Medical Liability Monitor (MLM) publishes its annual rate survey issue, which sets forth the commercial rates for major liability insurers in all 50 states for internal medicine, general surgery and obstetrics/gynecology specialties. The October issue provides a reference point for comparison of rates in other states but does not reflect credits or other factors that could impact final rates. The issue also provides information regarding surcharge rates for states with patient compensation funds (PCFs), including Indiana.
According to the MLM, the overall rate change nationwide from 2020 to 2021 was approximately +1.7%. The MLM also reported that rates in states without PCFs increased by 1.9%, while rates in states with PCFs increased only 0.3% (this increase accounts for adjustments to surcharges in states with PCFs, and the increase was 0.9% if those changes are excluded).
Despite an overall increase in rates nationwide, the rates for Hoosier physicians offered by ProAssurance, ISMA’s preferred medical liability insurer, decreased from 2020 to 2021 for all reported specialties. Specifically, if rates for Lake and Porter counties are excluded, rates decreased 10.02% for internal medicine, 0.53% for general surgery and 0.74% for obstetrics/gynecology. Rates in Lake and Porter counties decreased 7.77% for internal medicine, 0.4% for general surgery and 0.58% for obstetrics/gynecology.
The ProAssurance rates in Michigan also decreased, while rates in Illinois, Kentucky, and Ohio stayed the same. The rates for Hoosier physicians offered by ProAssurance remain highly competitive compared with those in neighboring states and, in most instances, are significantly lower.