Premiums for medical malpractice insurance in Alaska are at reasonable levels as compared to a number of other states. This affordability and market stability is certainly due to the Alaskan legislative commitment to physicians and surgeons by passing meaningful tort reform originally in 1997 then revising this act in 2005. Medical Indemnity Exchange of California, currently insuring about 46% of all physicians and surgeons, has been the leading healthcare liability insurer in Alaska since 1977 with NORCAL Mutual entering the market in 1991. Since 1991, several other physician insurers have brought increased competition and thus premium savings to all medical specialties. The variety of insurance companies currently writing policies for healthcare providers in Alaska provide options for all scopes of practice. There are standard, admitted insurers, Risk Retention Groups, and excess and surplus-lines insurersâ€”no matter one's practice history or claim experience premium savings can be obtained. The most common policy features included on Alaska Malpractice Insurance policies are:
- Claims-Made or Occurrence policy forms
- Full physician consent-to-settle
- AM Best Ratings of A- or better
- Defense Costs/Claim Expenses outside the limits
- Free tail upon retirement, death, or disability
- Complementary coverage for regulatory actions including: Administrative Action defense, HIPAA/HITECH Violations, Billing Errors & Omissions, Cyber Liability
Alaska Tort Reform
The Alaskan Legislature has passed fairly comprehensive tort reform including caps on noneconomic damages, statutes of limitations, and limits on punitive damages. These liability reforms in The Last Frontier include: (1) Expert Witness requirements such as specialty and board certification within the particular area of practice in question, (2) cap on noneconomic damages of $250,000 on most cases but with regard to severe cases the limit is $400,000, (3) limits on punitive damages for most cases will be either $500,000 or three times the compensatory damage award â€“ whichever is greater, and (4) Statute of Limitations which prevent cases from being brought after two years from the date of the act which resulted in injury or death. The statute of limitation is tolled until the 8th birthday for alleged medical malpractice claims involving minors.
Major Malpractice Insurance Companies
- Medical Indemnity Exchange of California (MIEC)
- NORCAL Mutual Group
- The Doctors Company (TDC)
- Medical Protective
- Capson Physicians Insurance Company
Medical Malpractice Insurance Rates By Specialty (Top 15)
Rates depend greatly on specialty. Physicians offering high-risk care, such as surgeons, have higher rates than doctors in lower-risk areas. Prices will vary, though, based on your claim history and location in addition to your specialty. Always talk to an insurance expert to get a more specific quote for your malpractice insurance.
Below are undiscounted state filed rate data averages across all territories for
$1m / $3m limits
* Please note that the above rates are state filed rates. It is not
uncommon for Gallagher Healthcare clients to receive up to 50% or more in discounts
from state filed rates. Please Request a Quote to receive a custom premium indication.
|Specialty||Average Rate||Min Rate||Max Rate||Count
|Family Practice No Surgery||$8,746||$6,899||$9,927||541
|Internal Medicine No Surgery||$8,883||$8,250||$9,927||143
|Pediatrics No Surgery||$8,433||$6,899||$9,927||114
|Radiology - Diagnostic||$10,174||$8,700||$12,409||77
|Obstetrics and Gynecology Major Surgery||$42,232||$29,995||$49,635||73
|Orthopedic Surgery No Spine||$22,273||$17,997||$24,818||61
|General Practice No Surgery||$8,433||$6,899||$9,927||42
|Ophthalmology No Surgery||$6,306||$4,200||$7,942||29
|Pathology No Surgery||$7,471||$5,999||$8,472||22
|Cardiovascular Disease Minor Surgery||$13,609||$11,398||$15,531||22
Rate Range by Specialty
This chart compares the range of possible state filed medical malpractice premium rates by admitted markets and a few Gallagher Select markets broken out by the top 15 specialties in Alaska.
USA Ranking Map
The map below provides a visual display of the nation and compares what a typical primary care physician might pay compared to each individual state and county. This research is based on the average rate for a single specialty, the most common limits in that state, and the mature claims made premium. The darker the blue, the higher the average premium, see how Alaska compares to other states.