The Medical Malpractice Insurance Market has changed drastically in the state of Florida. Over the last few years, the following changes have created the landscape we see today:
- Florida’s largest Medical Malpractice Insurer, First Professionals Insurance Company is acquired by The Doctors Company.
- Medicus Insurance Company enters the Florida market
- Florida Doctors Insurance Company changes their name to FD insurance to expand into Georgia
- Medicus Insurance Company is acquired Norcal Mutual Insurance Company
- FD Insurance is acquired by Norcal Mutual Insurance Company.
Prior to the above events, new carriers were entering the Florida market at a rapid rate. This created additional competition which helped to drive down the rates for physicians. For the last three years or more, rates have decreased. This is a trend we expect to continue because, as I write this article, a new admitted carrier has just been approved to begin doing business in Florida.
- Galen Insurance Company enters the Florida market
This is great news for physicians and our clients. Florida was once considered one of the worst Professional Liability Insurance state. As tort reform continues to be upheld, and with the increased competition in the market, physicians should be seeing decreases in their insurance premiums.
As the Florida market loses two admitted carriers due to acquisitions, a new carrier enters to shake things up. As an independent insurance agency, Diederich Healthcare has access to all of the major Florida carriers. This gives our clients access to multiple quotes and an annual market analysis.
To obtain a no-obligation quote, please complete our quick quote form or call us at 800-457-7790.To contact the author, call 800-457-7790 and ask for Myles Donnell.