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MPL Liability Insurance Sector Report: 2023 Financial Results Analysis and 2024 Financial Outlook

Wednesday, May 22, 2024, 2:00 p.m. ET
Hear analysis and commentary on 2023 industry results and learn what to watch for in the sector in 2024, including an analysis of the key industry financial drivers.

MPL Association’s National Advocacy Initiative in Full Swing

The MPL Association is shifting its focus toward state policy makers with a new program—the National Advocacy Initiative. This comes at an important time for the MPL community as the deteriorating policy environment in the states is resulting in increasing attacks on established reforms.

Inside Medical Liability

Noneconomic Damage Caps

The MPL Association Data Sharing Project recorded the closure of approximately 22,000 paid claims from 2011 to 2020, resulting in approximately $8 billion paid in indemnity and $4 billion spent on defense expenses. During this period, a review of states with medical liability reforms revealed that 28 states had noneconomic damage caps (with one state implementing caps during that time) and 23 states had no caps (four of those states had caps declared unconstitutional during that time frame). Additionally, states with noneconomic damage caps reported a lower average indemnity payment of $249,556 compared to states without tort reform, which had an average indemnity payment of $388,430.

In states with tort reform, the percentage of claims decreased as the indemnity payment threshold increased, while states without tort reform distributed claims uniformly. The percentage of claims resulting in indemnity payments of at least $1 million more than doubled from 6.5% to 14.2%, when comparing states with tort reforms to those without.

*Nominal dollars and indemnity payments capped at $1 million.

Contact for more information:
Kwon Miller, Data & Analytics Manager