Insurance costs drop for some Nevada obstetricians
CARSON CITY, Nev. (AP) — State Insurance Commissioner Alice Molasky-Arman has approved a rating change that will cut medical malpractice insurance rates for obstetricians covered by the state-created Nevada Mutual Insurance Company.
Molasky-Arman said Wednesday the reduction is a “positive sign” in the malpractice insurance crisis that has hit the state, particularly in southern Nevada where premiums skyrocketed.
The decreases will range from 16 percent to 33 percent. The premium for the “base rate” is $135,729 with $1 million liability coverage per incident or $3 million total.
Under the old rating system, the premiums for doctors who deliver babies increased as the number of deliveries rose past 125 a year.
But Molasky-Arman said a study showed there was no increased risk or loss for doctors who delivered up to 224 babies a year. She added that Nevada Mutual volunteered to reduce its rates.
The company covers 20 obstetricians, 18 of them in the Las Vegas area. The company insures 514 total physicians and was formed when the malpractice insurance crisis hit.
Obstetricians performing 125 to 175 deliveries a year will see rate decreases of 16 to 33 percent. Those doing 281 to 300 deliveries will see a 20 percent rate reductions.