Since January first, rates have dropped dramatically. Others are reviewing their rates. Ten years ago there were only one or two companies offering professional liability insurance.
Today there are over half a dozen.
The resulting competition, combined with the safety record of the field, has caused the rates to come down. It is not a rate reduction. An experience credit is calculated by looking at the total number of paid losses and open claims versus the premiums of the previous three years. Since the experience was good, a credit is given. However, this can fluctuate.