Medical malpractice insurance premiums in Oklahoma are increasing by 10-15% on average.
Rising medical malpractice insurance premiums in Oklahoma can be attributed to two factors, including:
- Growing amounts of jury verdicts and
- Increases in reinsurance costs.
Jury verdicts are not exclusive to Oklahoma. Over the last few years, this has been a nationwide trend that has finally caught up to the carriers’ bottom lines and is showing up as underwriting losses. Rising medical malpractice reinsurance premiums are also a nationwide trend. Generally, all insurance risks are “pooled” with other hazards such as hurricanes, wildfires, and civil unrest.
At Fifth Avenue Healthcare Services, our credentialing services have expanded to include relationships with multiple medical malpractice insurance carriers.
As we have delegation with payers, we agree with numerous medical malpractice insurance carriers to accept your completed credentialing file for underwriting purposes rather than have you or your group complete new, traditionally lengthy medical malpractice insurance applications. This means that to get you a medical malpractice quote, we can request one for you easily and quickly, with minimal or perhaps no additional paperwork.
Medical Malpractice Partnership with Fifth Avenue Agency
Our sister company,ย Fifth Avenue Agency, is the largest and longest-standing insurance agency specializing in medical malpractice insurance in Oklahoma.ย Fifth Avenue Agency represents almost every insurance carrier in Oklahoma, some of which are not seeing these rate increases.
The team at Fifth Avenue Agency is highly experienced, with 75% of the team having more than ten years of experience and will put their talent, technology, and expertise to work, putting together a medical malpractice quote quickly and easily for you based on your credentialing file and relationship with Fifth Avenue Healthcare Services.
More information about Fifth Avenue Agency
Fifth Avenue Agency specializes in MPLI and medical malpractice insurance, serving 1000s of providers nationwide. Fifth Avenue Agency is part of the Fifth Avenue Healthcare Services family. Sister companies include 5ACVO (credentialing and primary source verification specialists) and Primoris Credentialing Network (credentialing and provider enrollment specialists with 54+ health plan and network provider enrollment options).
Fifth Avenue Agency initially published this article here. For information on Fifth Avenue Agency, please visit FifthAvenueAgency.com or Contact Us.
