Another good year for medical malpractice insurers

Insurance regulators say the market is ripe for companies wanting to write medical malpractice products in the state.

The Office of Insurance Regulation reported Monday that a sign of the strong marketplace was reflected by the entry of several new companies into the  state last year to write medical malpractice insurance.

OIR said medical malpractice insurance companies have enjoyed profitability for six consecutive years and that the average return on surplus for them  was 6.6 percent.

Insurance Commissioner said the stability of the state’s medical malpractice market is good news for doctors and hospitals, and possibly patients if lower rates result in cost savings.