Zack Phillips of BusinessInsurance.com writes - “The New York State Insurance Department said Tuesday that it has approved an average increase of 5% in medical malpractice rates, ending a two-year moratorium on rate increases.

The department also approved a 9.9% increase for a high-risk medical malpractice pool in New York. Both increases took effect July 1.

“This rate will help hold the line on costs for physicians while giving the insurance companies the resources to pay claims as they come due,” New York State Insurance Superintendent James J. Wrynn said in a statement.

Mr. Wrynn said he approved a 5% rate increase for Medical Liability Mutual Insurance Co., which has about 60% of the New York market; Physicians’ Reciprocal Insurers, which has about 30% of the market; and two smaller, specialty insurers, Hospitals Insurance Co. and Academic Health Professionals Insurance Assn.

While 5% is the average increase, some doctors’ increases could be more or less depending on their specialty and location, the department said in the statement.”

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