Word: creasey
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Malpractice is probably the most difficult area of insurance for which to set rates, Creasey said, because of the "long tail" of claims, which are paid out an average of three years after they are made...
When CRICO was first established, it had no claims to settle. With zero employees and no overhead costs, almost all of its revenues were pure profit. With an estimated $-40 million in assets. Creasey said he expects $26 million in revenues next year...
Although patients have made 475 claims in the eight years since CRICO's inception, Creasey said most are settled out of court. He added that the doctors win about two-thirds of those cases that go to trial...
This month Creasey said, the firm has settled three cases, involving awards from $250,000 to $1 million...
...biggest loss so far was a case decided last fall, where the judge awarded a patient $1,250,000 for damages suffered when Beth Israel doctors accidentally cut her renal cave artery while cleaning out her spinal column, Creasey said. But he stressed the difficulty of distinguishing between the high risks of some procedures and actual malpractice...