ISMIE Mutual Updates Illinois Base Rates for 2024-25

July 16, 2024

Each year, ISMIE Mutual reviews all specialties, territories and other factors that determine our individual policyholder premium levels.

ISMIE has always made objective and experience-based decisions on setting premium rates and customizing our coverage features. That is one of the reasons we have endured while other medical liability insurers have come and gone. We carefully consider all factors that determine individual premium levels, anticipating and responding to changes in the legal climate – including courtroom activity rebounding to pre-pandemic levels.

We also must account for other factors, such as the escalating costs to assure we continue to retain the strongest legal defense counsel for our policyholders, the deteriorating loss experience in Illinois and the disturbing trend of nuclear verdicts across the country, including Illinois. In keeping with sound actuarial principles, our long-term commitment to policyholders requires that we respond to overall negative trends with a base premium increase of 4%. This increase will be effective Oct. 1, 2024, and changes to premiums will be applied to each policyholder at the date of their policy renewal.

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

Policy renewal documents and a premium invoice will be mailed to you approximately 30 days before your renewal date. Additionally, all of your ISMIE documents are available to you through a secure location on the ISMIE website. Simply log in and click on “Policy Documents.” If you utilize a broker, consider contacting them for more information. You may also reach out to ISMIE’s Underwriting Division by email.

 ISMIE values your trust in us and looks forward to continuing to serve as your medical professional liability insurance partner for many years to come.