Why New York Physicians choose My Medical Malpractice Insurance:
- We provide various Medical Malpractice Insurance quotes from the leading Medical Malpractice Insurers in New York.
- We see to it that all physician discounts available are applied to your policy: Risk Management, Claims-free, New to Practice.
- We ensure that Prior Acts Coverage is included, avoiding the necessity to purchase separate tail coverage.
- Our experienced liability specialists will customize a policy to the specific needs of you and your practice.
- We provide you with various free Practice Tools: our Online Patient Satisfaction Survey System, on-staff Certified Professional Healthcare Risk Manager (CPHRM) and many other tools to help you in managing your practice.
- By combining our efforts with those of the Medical Liability Monitor -- the nation's leading independent source of Medical Liability Insurance news as well as the political, legal and risk management issues that affect the healthcare industry –we’ve published historical rate data for every city in the Empire State. You’ll find the insights offered by this information invaluable when making your decision on your medical malpractice insurance coverage and carrier. This is only one of many reasons that MyMedicalMalpracticeInsurance.com has become the preferred online source for New York physicians, healthcare professionals and medical groups looking for a way to find the best coverage and lower their medical malpractice insurance rates.
- Click for your free Medical Malpractice Insurance quote in New York.
New York Medical Malpractice Insurance
New York is a complicated market when it comes to medical malpractice insurance.
In addition to having some of the highest base rate premiums for medical malpractice insurance coverage in the nation, New York physicians have limited choice when it comes to which insurer they choose to do business with. The state’s physicians are—for the most part—insured by one of two companies. Medical Liability Mutual Insurance Company, or MLMIC, has the lion’s share of the market, insuring about 65 percent of all New York physicians as well as 69 hospitals, more than 4,200 dentists and thousands of other healthcare professionals. Physicians Reciprocal Insurance, or PRI, covers slightly more than 24 percent of the state’s healthcare force.
For years, both MLMIC and PRI have been accused of operating while insolvent, carrying anticipated claims that exceed its surplus. In other words, if the two ceased operations today, neither would be able to pay anticipated claims. When New York insurers in other sectors slip towards insolvency, they can take action to remedy the problem, the most common being to raise rates. But there is no comparable step for New York medical malpractice insurance carriers, whose rates—by law—are set by the state.
Both MLMIC and PRI have benefited from a 1985 New York law that prevents the state from forcing any medical malpractice insurance company into liquidation—even if the company is insolvent—and a waiver that permits it to discount reserves for unpaid losses and loss adjustment expenses.
In 2007, New York adopted the National Association of Insurance Commissioners (NAIC) Risk Based Capital Model Act, which establishes levels of regulatory intervention linked to defined risk-based capital (RBC) ratios. The authorized control level risk-based capital is the total RBC needed for an insurer to avoid being taken into conservatorship. While New York’s established RBC ratio is 70 percent, and both major medical liability insurers fall below that mark, the state’s adoption of such guidelines specifically exempts medical liability insurers, allowing MLMIC and PRI to escape “mandatory seizure” for failing to meet the required RBC level. Both insurers have negative total adjusted capital.
Adding to the confusion, after adopting the NAIC Risk Based Capital Model Act, consecutive governors signed legislation that froze medical malpractice insurance rates for two consecutive years. It doesn't take advanced mathematics to realize that if an insurer has dwindling funds to pay expected claims, a rate freeze would only do further damage to its future solvency.
While the rate freeze likely was a welcome reprieve to the state’s high-premium medical specialists, it was a blow to an already anemic medical malpractice insurance market. MLMIC president Robert Menotti, MD, wrote to his insureds at the time of the second freeze, explaining the dire situation. In his letter, Menotti pointed out that, since 2001, claims costs have risen steadily, while rate increases set by the Superintendent of Insurance have not kept pace. He further explained that MLMIC has had to absorb this difference by a reduction in surplus funds.
New York medical liability insurers did get a break from the Insurance Department in 2010, when it levied an overall five-percent increase to base-rate premiums. It’s not enough to push MLMIC or PRI into the black, but the rate increase was a welcomed change.
If you are looking to purchase medical malpractice insurance in New York, don’t worry because the sky is not falling. It’s conventional wisdom within the industry that the state will not allow its two dominant carriers to fail, and legislators have promised to address the market’s shortfalls in the near future. One potential solution offered by the insurers is to let the industry operate under a cash-flow basis of accounting that would let companies measure corporate worth based on net income from policy sales/revenues.
Request your free Medical Malpractice Insurance quote in New York.
NEW YORK
Physician Medical Malpractice Insurance Rates
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
| 2000 |
(State insurance department sets rates mid-year.)
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Ulster, Westchester | $22,090 0% |
$65,909 0% |
$112,178 0% |
| Bronx, Brooklyn, Queens, Staten Island, Rockland, Sullivan | $24,956 0% |
$74,459 0% |
$126,730 0% |
| Nassau and Suffolk | $28,548 0% |
$85,178 0% |
$144,973 0% |
| Rest of State | $12,916 0% |
$38,537 0% |
$65,591 0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $16,751 0% |
$48,542 + 5.0% |
$89,317 0% |
| Nassau and Suffolk Counties | $21,648 0% |
$62,733 + 5.0% |
$115,429 0% |
| Upstate New York | $6,424 - 5.0% |
$18,624 - 0.2% |
$34,251 - 5.0% |
| 2001 |  |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $16,751 0% |
$48,542 0% |
$89,317 0% |
| Nassau and Suffolk Counties | $21,648 0% |
$62,733 0% |
$115,429 0% |
| Upstate New York | $6,424 0% |
$18,616 0% |
$34,253 0% |
| 2002 | |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $16,751 0% |
$50,970 + 5.0% |
$89,317 0% |
| Nassau and Suffolk Counties | $21,648 0% |
$65,870 + 5.0% |
$115,431 0% |
| Upstate New York | $6,102 0% |
$18,568 + 5.0% |
$32,539 0% |
| 2003 | |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $17,974 + 7.3% |
$57,423 + 12.7% |
$95,837 + 7.3% |
| Nassau and Suffolk Counties | $23,228 + 7.3% |
$74,211 + 12.7% |
$123,853 + 7.3% |
| Upstate New York | $6,548 + 7.3% |
$20,919 + 12.7% |
$34,913 + 7.3% |
| 2004 | |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $19,415 + 8.0% |
$62,069 + 8.0% |
$103,523 + 8.0% |
| Nassau and Suffolk Counties | $25,091 + 8.0% |
$80,163 + 8.0% |
$133,787 + 8.0% |
| Upstate New York | $7,073 + 8.0% |
$22,597 + 8.0% |
$37,713 + 8.0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Westchester, Sullivan, Rockland | $16,678 + 7.0% |
$78,351 + 7.0% |
$105,923 + 7.0% |
| Bronx, Brooklyn, Queens, Staten Island | $21,059 + 7.0% |
$98,947 + 7.0% |
$133,748 + 7.0% |
| Nassau, Suffolk | $23,084 + 7.0% |
$108,466 + 7.0% |
$146,615 + 7.0% |
| Columbia, Dutchess, Greene, Putnam, Ulster | $14,943 + 7.0% |
$70,187 + 7.0% |
$94,897 + 7.0% |
| Erie, Niagara | $10,386 + 7.0% |
$48,794 + 7.0% |
$65,694 + 7.0% |
| Livingston, Monroe, Ontario, Seneca, Wayne, Yates | $6,742 + 7.0% |
$31,648 + 7.0% |
$42,818 + 7.0% |
| Remainder of State | $9,534 + 7.0% |
$44,813 + 7.0% |
$60,554 + 7.0% |
| 2005 | |
$1,300,000/$3,900,000 limits are shown
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $20,774 + 7.0% |
$66,369 + 7.0% |
$110,767 + 7.0% |
| Nassau and Suffolk Counties | $26,847 + 7.0% |
$85,772 + 7.0% |
$143,148 + 7.0% |
| Upstate New York | $7,568 + 7.0% |
$24,178 + 7.0% |
$40,352 + 7.0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Westchester, Sullivan, Rockland | $17,896 + 7.0% |
$60,497 + 7.0% |
$113,338 + 7.0% |
| Bronx, Brooklyn, Queens, Staten Island | $22,533 + 7.0% |
$76,389 + 7.0% |
$143,111 + 7.0% |
| Nassau, Suffolk | $24,700 + 7.0% |
$83,738 + 7.0% |
$156,877 + 7.0% |
| Columbia, Dutchess, Greene, Putnam, Ulster | $15,988 + 7.0% |
$54,200 + 7.0% |
$101,539 + 7.0% |
| Erie, Niagara | $11,112 + 7.0% |
$37,674 + 7.0% |
$70,582 + 7.0% |
| Livingston, Monroe, Ontario, Seneca, Wayne, Yates | $7,214 + 7.0% |
$24,456 + 7.0% |
$45,816 + 7.0% |
| Remainder of State | $10,202 + 7.0% |
$34,585 + 7.0% |
$64,792 + 7.0% |
| 2006 | |
$1,300,000/$3,900,000 limits are shown.
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $22,643 + 9.0% |
$72,343 + 9.0% |
$120,736 + 9.0% |
| Nassau and Suffolk Counties | $29,263 + 9.0% |
$93,491 + 9.0% |
$156,032 + 9.0% |
| Upstate New York | $8,249 + 9.0% |
$26,355 + 9.0% |
$43,984 + 9.0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Westchester, Sullivan, Rockland | $19,507 + 9.0% |
$65,942 + 9.0% |
$123,538 + 9.0% |
| Bronx, Brooklyn, Queens, Staten Island | $24,561 + 9.0% |
$83,264 + 9.0% |
$155,991 + 9.0% |
| Nassau, Suffolk | $26,923 + 9.0% |
$91,275 + 9.0% |
$170,996 + 9.0% |
| Columbia, Dutchess, Greene, Putnam, Ulster | $17,427 + 9.0% |
$59,078 + 9.0% |
$110,678 + 9.0% |
| Erie, Niagara | $12,112 + 9.0% |
$41,065 + 9.0% |
$76,934 + 9.0% |
| Livingston, Monroe, Ontario, Seneca, Wayne, Yates | $7,863 + 9.0% |
$26,657 + 9.0% |
$49,939 + 9.0% |
| Remainder of State | $11,120 + 9.0% |
$37,698 + 9.0% |
$70,623 + 9.0% |
| 2007 | |
$1,300,000/$3,900,000 limits are shown.
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $25,814 + 14.0% |
$82,473 + 14.0% |
$137,642 + 14.0% |
| Nassau and Suffolk Counties | $33,360 + 14.0% |
$106,583 + 14.0% |
$177,880 + 14.0% |
| Upstate New York | $9,404 + 14.0% |
$30,045 + 14.0% |
$50,143 + 14.0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Westchester, Sullivan, Rockland | $22,238 + 14.0% |
$75,174 + 14.0% |
$140,833 + 14.0% |
| Bronx, Brooklyn, Queens, Staten Island | $28,000 + 14.0% |
$94,921 + 14.0% |
$177,830 + 14.0% |
| Nassau, Suffolk | $30,692 + 14.0% |
$104,054 + 14.0% |
$194,935 + 14.0% |
| Columbia, Dutchess, Greene, Putnam, Ulster | $19,867 + 14.0% |
$67,349 + 14.0% |
$126,173 + 14.0% |
| Erie, Niagara | $13,808 + 14.0% |
$46,814 + 14.0% |
$87,705 + 14.0% |
| Livingston, Monroe, Ontario, Seneca, Wayne, Yates | $8,964 + 14.0% |
$30,389 + 14.0% |
$56,930 + 14.0% |
| Remainder of State | $12,677 + 14.0% |
$42,976 + 14.0% |
$80,510 + 14.0% |
| 2008 | |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $25,814 0% |
$82,473 0% |
$137,642 0% |
| Nassau and Suffolk Counties | $33,360 0% |
$106,583 0% |
$177,880 0% |
| Upstate New York | $9,404 0% |
$30,045 0% |
$50,143 0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Westchester, Sullivan, Rockland | $22,238 0% |
$75,174 0% |
$140,833 0% |
| Bronx, Brooklyn, Queens, Staten Island | $28,000 0% |
$94,921 0% |
$177,830 0% |
| Nassau, Suffolk | $30,692 0% |
$104,054 0% |
$194,935 0% |
| Columbia, Dutchess, Greene, Putnam, Ulster | $19,867 0% |
$67,349 0% |
$126,173 0% |
| Erie, Niagara | $13,808 0% |
$46,814 0% |
$87,705 0% |
| Livingston, Monroe, Ontario, Seneca, Wayne, Yates | $8,964 0% |
$30,389 0% |
$56,930 0% |
| Remainder of State | $12,677 0% |
$42,976 0% |
$80,510 0% |
| 2009 | |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| New York County | $25,814 0% |
$82,473 0% |
$137,642 0% |
| Nassau and Suffolk Counties | $33,360 0% |
$106,583 0% |
$177,880 0% |
| Upstate New York | $9,404 0% |
$30,045 0% |
$50,143 0% |
| COUNTY | INTERNAL MEDICINE (% change since last survey) |
GENERAL SURGERY (% change since last survey) |
OB/GYN (% change since last survey) |
|---|---|---|---|
| Manhattan, Orange, Westchester, Sullivan, Rockland | $22,238 0% |
$75,174 0% |
$140,833 0% |
| Bronx, Brooklyn, Queens, Staten Island | $28,000 0% |
$94,921 0% |
$177,830 0% |
| Nassau, Suffolk | $30,692 0% |
$104,054 0% |
$194,935 0% |
| Columbia, Dutchess, Greene, Putnam, Ulster | $19,867 0% |
$67,349 0% |
$126,173 0% |
| Erie, Niagara | $13,808 0% |
$46,814 0% |
$87,705 0% |
| Livingston, Monroe, Ontario, Seneca, Wayne, Yates | $8,964 0% |
$30,389 0% |
$56,930 0% |
| Remainder of State | $12,677 0% |
$42,976 0% |
$80,510 0% |
To find the most current medical malpractice insurance rates in New York, contact Mike Matray at the Medical Liability Monitor. MyMedicalMalpracticeInsurance.com has negotiated an excellent rate for all of our users, mention our site, and you can receive the Medical Liability Monitor at a low promotional price.
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