I know of two and have read of many physicians leaving practices as they can't make the $#'s with the increase in malpractice insurance. Both gynocologist's (sp?)
In defense of the insurers the ST Paul Group used to be the #2 writer of medical malpractice insurance and in 2001 when they paid out $1.7 in claims for every $1 of premium they pulled the plug (one of Jay Fishman's 1st decisions after leaving Citigroup and becoming CEO of ST Paul, Fishman was one of Sandy Weill's two key employees who turned around the Travelers (the other being Bob Lipp). With ST Paul's capacity taken out of the market the remaining insurers either followed suit, raised rates or did a combination of both.
Something has to be done and capping the awards is one alternative.
Its too bad its become a political party issue (trial laywers versus business) versus trying to balance whats the best middle ground.
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