History Lessons

The steady drop in claim frequency since 2001 coupled with the recent worldwide economic recession, has medical professional liability insurance professionals wondering whether the downward trend will continue. Many informed opinions have been rendered concerning the correlation between the unemploy...

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Published in:Best's Review 2010-11, Vol.111 (7), p.73
Main Authors: ray, Susan J, Karls, Chad C
Format: Article
Language:English
Subjects:
Collisions
Economic conditions
Growth rate
Liability insurance
Medical personnel
Patient safety
Professional liability insurance
Trends
Unemployment
Workers compensation
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Karls, Chad C
description The steady drop in claim frequency since 2001 coupled with the recent worldwide economic recession, has medical professional liability insurance professionals wondering whether the downward trend will continue. Many informed opinions have been rendered concerning the correlation between the unemployment rate and insurance costs, including claim frequency. Insurance professionals hold particularly strong opinions about the effect of layoffs on workers' compensation claim frequency, arguing both for and against a positive effect. US unemployment hit 10% for the first time since 1983 in October of 2009 and has remained close to that level since then, according to the US Bureau of Labor Statistics. The current spike in unemployment could put upward pressure on frequency, resulting in a small but significant bounce. It will be important for medical professional liability insurers to keep a close watch on frequency rates over the next few months and respond accordingly, particularly as the market remains soft.
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source Business Source Ultimate; ABI/INFORM Global
subjects Collisions
Economic conditions
Growth rate
Liability insurance
Medical personnel
Patient safety
Professional liability insurance
Trends
Unemployment
Workers compensation
title History Lessons
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