About Us

Dear Leadership Class of 2019

Dear Leadership Class of 2019,

On behalf of everyone at OMIC, we thank you for your leadership and commitment to improving your profession, protecting sight, and empowering lives. Since our founding in 1987 by the American Academy of Ophthalmology, OMIC has similarly taken a leading role in the protection and support of the practice of ophthalmology.

Before OMIC, ophthalmologists experienced wide fluctuations in the cost of insurance and had to endure cycles of “crisis” when coverage was unavailable in many areas of the U.S. This was a direct threat to ophthalmic practice. There were also reports of traditional insurance companies subsidizing higher risk medical specialties by shifting the costs to relatively lower risk ophthalmologists.

After OMIC, rates for all ophthalmologists stabilized and have remained much lower than they were prior to our entry into the market. Furthermore, during deteriorating insurance cycles in the early 1990’s and again in the early 2000’s, OMIC maintained rates 40% lower than the industry and we were the only carrier writing new policies in some areas of the country.

OMIC was created by the American Academy of Ophthalmology as an independent company that would be devoted solely to the practice of ophthalmology. The goal is to provide comprehensive medical liability coverage and services at the lowest possible cost. The philosophy is to run the company similar to a non-profit in that any funds above which is needed to prudently operate the company would be returned immediately to insureds through dividends. Since 1987, OMIC has declared cumulative dividends totaling more than $85 Million, and no traditional insurance company has produced comparable results. For instance during the past five years, OMIC’s dividend returns averaged 20.7% of earned premium vs. 6.7% for the other carriers in our industry that declared dividends.

Another goal of OMIC is to create materials and resources that improve the quality of care and enhance the practice of ophthalmology. Throughout OMIC’s 32-year existence, we have produced and perfected a wide collection of patient education materials that will inform and protect patients, improve care, and protect ophthalmologists from litigation. We encourage you to browse OMIC.com, specifically the vast risk management library of articles, studies, closed claim reviews, consent forms, and sample documents and recommendations for all ophthalmic subspecialties.

Finally, our success depends on your continuing support of OMIC. Thank you for spreading the word, as a leader in ophthalmology, to remind colleagues that there is only one carrier supporting ophthalmology through financial support of state, subspecialty, and special interest societies, dissemination of ophthalmic risk management resources, and consistent superior performance in defending the specialty.

Sincerely,

Tim Padovese

President and CEO