Medical malpractice liability insurers in New York have received approval to raise rates by 7%, a fraction of the increase they had sought.
New York Insurance Superintentendent Gregory V. Serio approved the lower rate increase for primary coverage, which became effective July 1 for most of the state's 50,000 physicians. The rate increase applies regardless of physician specialty or location.
Malpractice insurers had requested approval to raise rates by as much as 25.7%. Last year, Mr. Serio approved an 8.5% increase in medical malpractice rates.
"Considering that health care costs are impacted by medical malpractice rates," Mr. Serio said in a statement, "our efforts to stabilize rates are going a long way to control health care expenses for New Yorkers."
New York's Medical Malpractice Insurance Plan, which covers physicians who cannot obtain coverage from other insurers, will see a 20% rise, though. Rates for excess medical malpractice coverage will be announced later.
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