Akkam’s Razor

True patriot and Washington State Insurance Commissioner Mike Kreilder has ordered Physicians Insurance and an affilitate to refund $1.3 million in excess premiums plus interest to 2,490 physicians from calendar year 2003.

Sounds like the gradual uncovering of yet another manufactured crisis.

If you visit Washington State’s Office of Insurance Commissioner website you can find both the press release and the complete report.

Key findings included:

• The number of medical malpractice claims increased at an annual rate of 4.9 percent.
• The average amount of compensation per claim increased at an annual rate of 4.1 percent.
• Twenty-seven percent of the claims were closed with an indemnity (compensation) payment to a claimant.
• Sixty-one percent of the claims were closed with defense costs, such as attorney or expert witness fees.
• 3,248 claims were closed without any compensation payments or defense costs.
• Two percent of the total paid claims resulted in compensation payments of over $1 million.
• Claims with defense costs increased at an annual rate of 5.3 percent.
• Defense costs increased at an annual rate of 6.4 percent.
• Sixty-seven percent of the claims that incurred defense costs resulted in no compensation payment.
• Of the 10,073 claims, 50 were decided by a jury in favor of the plaintiff.