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ISMIE - Top Dog in Illinois (Again) |
The Illinois Department of Insurance has compiled its most recent list of the top 25 insurers in Illinois, and ISMIE's at the top of the heap once again - with a total market share of 44%. At the same time, some of ISMIE's top competitors - St. Paul and CNA, among others - have fallen off the top 25 list altogether.
Here at ISMIE, we're not surprised by this news. For several years insurance analysts have regarded Cook County (IL) as one of the toughest markets to underwrite in the United States - a severity trend that's unfortunately spreading throughout the state. As a result, some formerly aggressive insurance carriers now no longer quote new Illinois business, only pick and choose "safe" specialties to limit their losses, or leave the Illinois market altogether. This is not good news for the physicians they insure.
It helps explain, however, why ISMIE has experienced a record 63% increase in new applications in 2001 as compared to last year. Ironically, many of these new applications are from former ISMIE policyholders who were dropped by companies that fled the coop or no longer exist. This "flight to quality" is in recognition of ISMIE's staying power in an extremely uncertain and volatile liability market. Recently, Crittenden's, a respected insurance industry expert, featured an article regarding Illinois' medical malpractice market. That article included several comments regarding ISMIE, comparing it to many of its competitors who are now pulling back or leaving the Illinois market. Particularly notable in that article was its description of ISMIE as a firm with "a reputation for remaining in the marketplace." It's the difference between ISMIE's philosophy of being there for our policyholders when they need us most versus most companies' just trying to expand markets to make a profit.
Currently, ISMIE has over 10,300 insured physicians under its wing - the most in its 25-year history. Our financial strength allows us to insure all specialties, while simultaneously offering loss-free discounts to qualifying physicians - 70% of our policyholders. We thank you - our loyal policyholders - for your continued support. We look forward to another quarter century of providing Illinois physicians with the highest quality coverage, defense, and service.