Michigan City Indiana malpractice lawyer discusses tort reform and how actions speak louder than words.
On a daily basis in the press there is rhetoric about “tort reform”, frivolous malpractice cases and how greedy patients and their lawyers are the reason for higher medical care. This rhetoric is simply untrue. We all know the saying “actions speak louder than words.” If medical malpractice was so bad and doctors, hospitals and other healthcare providers were paying out such large awards to greedy patients and lawyers, why would the medical malpractice insurance companies be making money?
The Facts Don't Match
The MPL (medical professional liability) sector has broadly outperformed the overall P/C (property and casualty) sector in the past few years as a result of strong pricing in the early 2000s, coupled with substantially reduced claims frequency, says Moody's vice present and author of the report, Alan Murray… With claims trending down since the middle of the decade as a result of favorable judicial decisions, as well as state-level tort reform measures, insurers have reported favorable reserve (money/assets) development trends.
Remember, insurance companies are in the business of making money. They make money when they payout less in claims than they take in insurance premiums.
Another sign that this tort reform rhetoric is just simply a business ploy as opposed to reality is the recent acquisition of another medical malpractice insurance company. We all know that Warren Buffett is a bell weather of investments. His Berkshire Hathaway group of insurance companies has made substantial sums of money. Medical Protective, a medical malpractice insurance company, located in Fort Wayne, Indiana recently reported that it purchased Princeton Insurance (another medical malpractice insurance company). So, now I ask you again; why would Medical Protective buy Princeton if there is such a medical malpractice crisis?
The facts are that people are injured because of medical negligence all the time. Many of these people do not come forward and make a claim. Of those people who come forward to make a medical malpractice claim only a small percentage actually receive compensation because the insurance and business groups have done an excellent job of marketing the fact that medicine is in trouble because of lawsuits filed by greedy lawyers and their patients.
Still Have Questions?
If you have any questions about a potential medical malpractice claim in Northwest Indiana, you can call our Michigan City medical malpractice lawyers at (219) 874-4878.