We are asked by our Florida dental clients to predict what is going to happen to dental malpractice insurance rates over the next five years. Florida dentists want to plan their budgets and dental malpractice insurance is a big part of them. While we do not have a crystal ball, we can make assumptions based on our lengthy experience selling and servicing dental malpractice insurance policies in Florida.
Over the next five years, we can expect the following in the dental malpractice insurance market:
- The market for dental malpractice insurance in Florida will remain “soft” meaning that premiums should remain fairly stable.
- Companies operating in Florida will likely add additional features to their dental malpractice insurance policies—such as Cyber Liability—in order to remain competitive. If policies already contain cyber liability coverage, additional features such as reputational protection, could be added.
- Some dental malpractice insurance carriers will “rate up” for dentists who perform either surgical placement of implants or extractions of impacted teeth, as well as Florida dentists who perform IV or IM sedation. This “procedural based rating” is a new phenomenon and is in response to spiking payouts for claims against Florida dentists for these procedures.
- There is not much consolidation among dental malpractice insurance companies. Balance sheets are strong. Loss ratios are low. There is sufficient competition among Florida dental malpractice insurance companies.
- We do not expect any new dental malpractice insurance carriers to enter the marketplace, which is already saturated with quality dental malpractice insurance companies.
It is still very important for Florida dentists to choose a dental malpractice insurance company that will be around for the long-term, even as he or she searches for the best dental malpractice insurance premium.
We at Gracey-Backer, Inc. have been a leader in the sales and servicing of dental malpractice insurance for Florida dentists and oral surgeons since the early 1980’s. We represent four of the leading dental malpractice insurance companies operating in Florida. This means that we can shop the market for the Florida dentist and help determine the best fit for him or her.
Barbara Gracey Backer
Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at email@example.com.