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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. 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.

The Board has also 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 also continue to reward its current insureds with dividends whenever reasonable.

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.

Best at defending claims.

An ophthalmologist pays nearly half a million dollars in premiums over the course of a career. Premium paid is directly related to a carrier’s claims experience. OMIC has a higher win rate taking tough cases to trial, full consent to settle (no hammer) clause, and access to the best experts. OMIC pays 25% less per claim than other carriers. As a result, OMIC has consistently maintained lower base rates than multispecialty carriers in the U.S.

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