Between continued implementation of the Affordable Care Act and the introduction of ICD-10 medical billing codes, 2015 was a year of significant change in the healthcare insurance landscape. The overall market trends continue to be positive in many lines of coverage, but issues surrounding electronic medical records, ICD-10 coding, and the ever-changing regulatory landscape have created additional uncertainty in the marketplace.
Now a couple months into 2016, let’s take a look at trends and changes in six specific areas of healthcare insurance: Professional Liability, Executive Risk, Cyber & Data Security, Billing Errors and Omissions, Managed Care Errors and Omissions, and Workers’ Compensation.
The marketplace for Professional Liability continues to trend favorably in terms of frequency, but severity is on the rise at a similar rate. Overall, the increase in severity and decrease in frequency offset each other, creating a generally stable and highly competitive marketplace. Insureds can anticipate rates remaining flat or seeing as much as a 5% decrease.