An official from ALPS, the Virginia State Bar’s endorsed malpractice carrier, told the VSB Council yesterday that malpractice claims are up in Virginia.
The company’s loss ratios, the amount of money the company received in premiums versus the amount paid in claims, have been higher than expected for the past four years. Last year, the company paid out more in claims than it earned in premiums.
Higher premiums, with an increase of about 4 percent, are on the way.
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