Is the indemnity sector headed for a repeat of the storm of 2002?
MDOs fear the government is planning to gut support schemes. Does another UMP-style tornado approach?
Older doctors will probably know something is up when the indemnity industry starts getting flashbacks to 2002.
Fifteen years ago, medical defence organisation United Medical Protection (UMP) almost went belly-up along with thousands of doctors’ insurance cover.
Its unfunded group liabilities reached $455 million. Premiums increased. UMP went into voluntary administration.
As then AMA president Dr Kerryn Phelps said: “If UMP falls over today, 90% of NSW