Covid effects on medmal segment yet to be determined: MPL panel
Medmal industry experts estimate that it will take at least 18 months to have a comprehensive understanding of Covid-19's impact on the segment.
Experts said that the full impact is yet to be determined given the fact that courts haven't been fully opened.
Furthermore, it is still difficult to determine the impact that the pandemic has had on individual practitioners.
“Certainly, Covid will be an event for the industry,” said Dana Obrentz, vice president of programs and allied health at Coverys.
However, the executive added that that “from a claims perspective we really don’t have a full dataset in terms of what we are looking at”.
Chris Wojciechowski, a partner at TigerRisk, said that senior care industry has had thousands of incidents reported, but “it remains to be seen” how many of them turn into actual claim activity, paid claims and lawsuits.
Another topic in the discussion was the intersection of cyber issues and the medmal industry.
Citing the case of the death of a baby in a health center attacked by Russian hackers, experts said that ransomware attacks are reaching deadly proportions as they affect the medical practice liability segment.
“When you look at health care. . . it has the potential to cause death and put the public in danger,” Wojciechowski said, adding that the FBI has already warned health care providers earlier these years that ransomware attacks are putting people in danger.
The executive warned that these problems could potentially lead carriers to raise retentions and rates or to trim coverage and create a “very hard market” in the cyber industry.