Findings
Average payments of benefits plus allocated loss adjustment expenses (ALAE) were approximately $162,000 for closed claims. The average incurred losses and allocated loss adjustment expenses were approximately $239,000 for all open claims.
Several large losses were reported, for both open and closed claims. Twenty-two closed claims had total loss and allocated loss adjustment expenses of at least $500,000. Twelve closed claims had total loss and allocated loss adjustment expense of at least $1,000,000, with the largest paid losses and ALAE exceeding $2.5 million. Forty-five open claims had incurred amounts of $500,000 or more. Twenty-one open claims had incurred loss and loss adjustment expense of at least $1,000,000, with the five largest claims exceeding $2,000,000.
Of the provider specialties listed, Family Practice and Hospital had the highest number of closed claims reported. Clinic/Corporation had the most open claims. General Surgery had the highest average benefits and ALAE paid for closed claims and Obstetrics/Gynecology had the highest average incurred losses and ALAE for open claims.
For alleged cause of loss, Failure to Diagnose/Monitor/Treat produced the highest number of closed claims and Inappropriate/Improper Surgical Procedure claims had the highest number of open claims. Pregnancy or Birth-Related Problems had the highest average benefits and ALAE paid for both open and closed claims.
By severity of claim categories, Temporary – Minor had the highest number for closed claims and Death had the highest number for open claims. Permanent – Major had the highest average benefits and ALAE paid for closed claims and Grave claims had the highest average incurred losses and ALAE for open claims. Average paid losses and ALAE by severity category ranged from approximately $13,000 to $347,000 for closed claims. Average incurred loss and ALAE by severity category ranged from approximately $73,000 to $505,000 for open claims.
Since the Iowa Medical Malpractice Report was first produced for calendar year 2006, no revisions to the law have been implemented. Companies have been providing their data in a consistent manner throughout the years. The Iowa Insurance Division has not identified any immediate changes needed in the Medical Malpractice insurance marketplace from the data compiled in the 2020 report.
Source
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