On Monday, state Insurance Commissioner Dave Jones (D) announced that The Doctor's Company, the largest medical malpractice insurer in California, has agreed to reduce overall rates by 10%, the Sacramento Business Journal reports (Robertson, Sacramento Business Journal, 6/11).
Last year, Jones required California's top six medical malpractice insurers to submit rate filings to the Department of Insurance.
Jones reviewed the filings and called for rate reductions. According to DOI, five of the insurers responded by substantially reducing premiums.
DOI said the insurers' reductions resulted in nearly $23 million in total savings to medical providers (California Healthline, 4/19).
According to the Business Journal, The Doctor's Company was the last of the six insurers to reduce rates.
Rate Reduction Details
The 10% rate reduction by The Doctor's Company will save medical providers $21 million annually in premiums, according to Jones.
In total, the rate reductions by the six medical malpractice insurers will save health care providers nearly $44 million (Sacramento Business Journal, 6/11).