Using the Stark Insurance Group data on closed claims for medical malpractice liability insurance (presented in...

Using the Stark Insurance Group data on closed claims for medical malpractice liability insurance (presented in the previous tables), determine if medical malpractice was more risky during the 2010-2013 period than it was in the 2014-2017 period.

Injury year Estimated # of claims Estimated $ per claim

2010 1021 $415,326.26

2011 1087 $448,871.57

2012 1184 $477,333.66

2013 1291 $490,215.19

2014 1191 $516,696.63

2015 1098 $587,233.93

2016 1055 $536,983.82

2017 1110 $403,504.39

Calculate the standard deviation in the estimated payment per claim for medical malpractice insurance over the four-year period 2010-2013
Calculate the standard deviation in the estimated payment per claim for medical malpractice insurance over the four-year period 2014-2017.

Expert Solution

Comparing the two standard deviations shows that the data in the 2014-2017 data set is much more spread out than the data in the 2010-2013 data set.

orchestra answered 2 years ago

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