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OMIC Announces 2020 Dividend Credit and 2020 Rate Readjustment

Each year, OMIC’s Board and Executive Staff review OMIC’s rates to ensure we remain one of the strongest companies in the industry. Our actuaries carefully analyze OMIC’s results and industry-wide trends to make certain the premium we collect will protect insureds against any future claims.

The Board has implemented a rate increase for 2020 ranging from 6% to 15% depending on site of practice, with additional adjustments to some discounts and surgery center rates. Your renewal documents will reflect these necessary changes.

As a reminder, OMIC last raised rates in 2004, more than 15 years ago. Since then, OMIC decreased rates five times – in 2006, 2007, 2008, 2010, and 2016. The cumulative average OMIC rate decrease was more than 41% during this period. In addition, during those same years, OMIC returned more than $83 million in dividends to our ophthalmologist members. That is equivalent to more than two years of the average insured’s premium.

We are proud that OMIC has been a linchpin in the stability of the malpractice insurance market, reducing costs for all ophthalmologists. While we never like to raise rates, after fifteen years of dividends and rate decreases despite inflation and rising costs of operation and claims defense, we must do so now.

OMIC will continue to reward its current insureds with dividends whenever reasonable.   We are pleased to announce that, due to continued favorable development on previously reported claims, OMIC has declared a 15% dividend to be applied as a premium credit in 2020 on physician renewal policies.

From everyone at OMIC, we thank you for your continued support of our great company.

 

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Six reasons OMIC is the best choice for ophthalmologists in America.

#4. Largest insurer in the U.S.

OMIC is the largest insurer of ophthalmologists in the United States and we've been the only physician-owned carrier to continuously offer coverage in all states since 1987 (pending in WI). Our fully portable policy can be taken with you wherever you practice. Should you move to a new state or territory, you're covered without the cost or headache of applying for new coverage.

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