LAMMICO strives to achieve the delicate balance between rate stability and maintaining sufficient surplus to defend unforeseen claims. While LAMMICO continues to see increases in the costs associated with defending our insureds, we have still managed to keep rates stable and continue to pay dividends in the face of increased claim frequency and expense.
Beginning with January 1, 2019 renewals, rate changes as approved by our independent actuary and the Louisiana Department of Insurance represent an overall premium impact of less than 0.11 percent. While certain physician specialty/class rates have increased, others have decreased. A 10% percent rate increase for certain advanced and allied healthcare providers and a 15 percent rate increase for dentists will bring rates in line with current claim trends.
LAMMICO Rates Are Not PCF Surcharges
Remember that while we help streamline processes by combining LAMMICO and Louisiana Patient's Compensation Fund (PCF) invoices, LAMMICO premium rates are separate and distinct from PCF surcharges.
Looking Ahead to 2019
LAMMICO remains committed to maintaining affordable rates for healthcare professionals and facilities. Delivering unparalleled customer service, superior risk management education and aggressive legal defense will continue to be our objective in the coming year. We wish each of you a happy holiday season, and look forward to serving you in 2019.