After almost a decade of fewer claims, the West Virginia medical professional liability market is changing. During the previous, relatively stable market, some West Virginia carriers were not calculating their premium rates to adequately prepared for a market shift. Instead, they provided credits and dividends to keep up with other competitors in the state, allowing physicians to maintain lower premiums throughout this time period.
While the frequency of claims has remained relatively stable, claims severity has increased dramatically in West Virginia and across the country. This severity has put some carriers at risk as they experience an increase in expenses and a loss in profitability. In responses, West Virginia carriers have been forced to either drastically increase their premium rates or exit the West Virginia market altogether.
While the stress of an increase in premiums or a change in carrier can be overwhelming, Professional Risk is here to help West Virginia physicians through these difficult times.
In 2017, Professional Risk partnered with the West Virginia State Medical Association (WVSMA) to create the WVSMA Insurance Program. Together, we have continued to deliver insurance services and solutions to WVSMA members even as the market changes. West Virginia Mutual Insurance Company is the endorsed carrier for the program, and members enjoy top-notch coverage and premium insurance products with them.
As a member of the WVSMA Insurance Program you will also enjoy:
Contact us to be connected with an agent for a no-obligation review of your current insurance policy or to learn more about the WVSMA Insurance Program.
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