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Damages Caps, Insurability, and the Performance of Medical Malpractice Insurance

W. Kip Viscusi
Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - Department of Economics; Vanderbilt University - Owen Graduate School of Management

Patricia Born
California State University, Northridge - Department of Finance, Real Estate, & Insurance; Florida State University - College of Business



Journal of Risk and Insurance, Vol. 72, No. 1, pp. 23-43, March 2005

Abstract:     
This article uses the complete property-casualty insurance files of the National Association of Insurance Commissioners from 1984 to 1991 to assess the effect of medical malpractice reforms pertaining to damages levels and the degree to which these damages are insurable. Limits on noneconomic damages were most influential in affecting insurance market outcomes. Several punitive damages variables specifically affected the medical malpractice insurance market, including limits on punitive damage levels, prohibitions of the insurability of punitive damages, and prohibition of punitive damages awards. Estimates for insurance losses, premiums, and loss ratios indicate effects of reform in the expected directions, where the greatest constraining effects were for losses. The quantile regression analysis of losses indicates that punitive damages reforms and limits were most consequential for firms at the high end of the loss spectrum. Tort reforms also enhanced insurer profitability during this time period.

Accepted Paper Series

Date posted: February 19, 2005 ; Last revised: February 19, 2005

Suggested Citation

Viscusi, W. Kip and Born, Patricia, Damages Caps, Insurability, and the Performance of Medical Malpractice Insurance. Journal of Risk and Insurance, Vol. 72, No. 1, pp. 23-43, March 2005. Available at SSRN: http://ssrn.com/abstract=669216


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Contact Information

W. Kip Viscusi (Contact Author)
Vanderbilt University - Law School ( email )
131 21st Avenue South
Nashville, TN 37203-1181
United States
615-343-7715 (Phone)
615-322-5953 (Fax)
HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Vanderbilt University - Department of Economics ( email )
Box 1819 Station B
Nashville, TN 37235
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)
HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm
Vanderbilt University - Owen Graduate School of Management ( email )
401 21st Avenue South
Nashville, TN 37203
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)
HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm
Patricia H. Born
California State University, Northridge - Department of Finance, Real Estate, & Insurance ( email )
Northridge, CA 91330-8379
United States
Florida State University - College of Business ( email )
423 Rovetta Business Building
Tallahassee, FL 32306-1110
United States
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References: 27
Citations: 14

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