The Case of the Medical Malpractice Crisis: A Classic Who Dunnit

We actuaries, detectives of the first order, are presented with a most intriguing case: numerous, grisly bodies of dead insurance companies and physicians' practices in public view, various signs of intrigue and foul play abound, suspects galore, an abundance of alibis, and an endless supply of opinions on how the culprit(s) must repay their debt to society. This case of the medical malpractice crisis is complicated because there is not only no consensus on "who dunnit?" but not even an agreement on "what happened?" This is the situation we are currently faced with in the medical malpractice insurance industry. There is evidence scattered all over the medical malpractice insurance landscape, but there is no agreement at all on the cause, the culprit, the motives or the appropriate sentence.