posted on March 10, 2004 09:30:05 AM new
Ohio passed laws to limit medical malpractice damages after insurance raised rates claiming jury awards were the reason. They said the same thing in the 1980s when interest rates dropped and the stock market tanked.
The reason they raised the rates had nothing to do with malpractice jury awards and everything to do with market returns on capital.
"Ohio already passed limits on jury awards for pain and suffering. However, the Ohio Department of Insurance says rates from the five biggest insurers are expected to rise ten to 40 percent this year, after prices went up an average of about 30 percent last year."
