ISMIE Updates Illinois Base Rate for 2020-21

July 14, 2020

Each year, ISMIE reviews all specialties, territories and other factors that determine our individual policyholder premium levels. This data-driven process incorporates our own claims statistics and Illinois market intelligence, helping us to anticipate and respond to changes in the medical professional liability landscape. We are proud that ISMIE was able to retain flat base premium rates for several years. As you know, last year we took our first base rate increase in Illinois since 2013. Unfortunately, in Illinois we continue to note worrisome trends in severity and rising defense costs.

In keeping with sound actuarial principles, our long-term commitment to policyholders requires that we respond to negative trends with an Illinois base premium increase of 5%. The increase will be effective Oct. 1, 2020, and changes to premiums will be applied to each policyholder at their renewal.

The base rate is only one component of what determines individual premiums. ISMIE policyholders have access to a variety of potential credits that affect policyholder premiums based on underwriting criteria, loss history and risk management program participation.

Further, ISMIE approved another dividend this year. As of July 1, ISMIE began a distribution of $7.5 million in dividends to all policyholders, raising the total awarded to policyholders to $256.3 million over the life of the program. Dividends will be distributed to all eligible policyholders on a quarterly basis as a premium credit.

Policy renewal documents will be available approximately 30 days prior to your renewal date. Due to the COVID-19 pandemic, policy renewal documents are solely available through a secure location on the ISMIE website. Simply log in and click on “Policy Documents.” If you utilize a broker, consider contacting him or her for more information, or reach out to ISMIE’s underwriting team by email

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