Claims-Made and Reported Policies and Insurer Profitability in Medical Malpractice

Claims-Made and Reported Policies and Insurer Profitability in Medical Malpractice

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Article ID: iaor20111793
Volume: 78
Issue: 1
Start Page Number: 139
End Page Number: 162
Publication Date: Mar 2011
Journal: Journal of Risk and Insurance
Authors: ,
Keywords: medicine
Abstract:

The liability crisis of the 1970s led to the introduction of a new type of insurance policy designed to reduce the undiversifiable uncertainty associated with writing long-tail liability lines. These new claims-made and reported policies gained favor in place of the traditional occurrence coverage in the early 1980s not only in medical malpractice but also in the general liability arena. The main question we want to address in this article is why two types of contracts that cover the same risk exposure exist in the medical malpractice insurance industry whereas only one exists primarily in other insurance lines.

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