Med-mal Insurer Sees Claims Fall
The annual report filed by Illinois' largest medical malpractice insurer, ISMIE, shows that claim payments fell, while profits and executive pay rose last year.
The filing indicates that claims fell by 5.3%, the second drop in as many years. At the same time, salaries for executives increased by as much as 33%, with the CEO's pay increasing 4.5% to $1 million a year.
Let us not forget that ISMIE's battle cry for capping victim's damages in medical malpractice lawsuits was skyrocketing rates due to greedy lawyers. Not only have these caps not lowered premiums, we continue to see rates increase, almost as much as ISMIE's executive board's salaries.
The hard truth is that ISMIE succeeded in 'reforming' malpractice lawsuits, and continue to raise doctors' insurance rates. How any doctor is not infuriated by these numbers is a mystery.
Read the full story in Crain's Chicago Business here.