Greedy Trial Lawyer
Big Profits Mean Big Bonuses For Medical Malpractice Insurance Company
Category: Gaming The System
A 224% increase in profits is spectacular in any industry. In the field of medical malpractice insurance it is mind-blowing. I assume doctors in North Carolina are celebrating the good news that their increased premiums are providing what are called hefty bonuses for the top executives of their malpractice carrier. You have to feel good when someone is profiting from your pain.
Profits, executive pay up at malpractice insurer
RALEIGH - Medical Mutual Insurance Co. of North Carolina, the state's largest medical malpractice insurer, saw profits climb 224 percent in fiscal 2005 - a year in which top executives were granted hefty bonuses.Medical Mutual's profit from premiums rose from about $2.1 million in 2004 to more than $6.7 million in 2005, delivering a margin of 8 percent, according to filings with the North Carolina Department of Insurance. Net income from investments rose by about 8 percent, for a total net income of $13 million - a 91 percent increase over 2004's $6.8 million.
Like many insurers, Medical Mutual has become a lightning rod in the battle over tort reform in North Carolina.
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Comments
I took zyprexa which was ineffective for my condition and gave me diabetes.
Zyprexa, which is used for the treatment of psychiatric disorders, such as schizophrenia and bipolar disorder, accounted for 32% of Eli Lilly's $14.6 billion revenue last year.
Zyprexa is the product name for Olanzapine,it is Lilly's top selling drug.It was approved by the FDA in 1996 ,an 'atypical' antipsychotic a newer class of drugs without the motor side effects of the older Thorazine.Zyprexa has been linked to causing diabetes and pancreatitis.
Did you know that Lilly made nearly $3 billion last year on diabetic meds, Actos,Humulin and Byetta?
Yes! They sell a drug that can cause diabetes and then turn a profit on the drugs that treat the condition that they may have caused in the first place!
I was prescribed Zyprexa from 1996 until 2000.
In early 2000 i was shocked to have an A1C test result of 13.9 (normal is 4-6) I have no history of diabetes in my family.
Posted by: Daniel Haszard at August 14, 2006 04:10 PM