The whole issue is "frivolous and junk".
Business is responsible for the bulk of all lawsuits in this country. The Congress has enabled business to sue people for all sorts of things, including downloading songs from the Internet.
Malpractice insurance is going up because the economy is in the tank and medical costs are skyrocketing.
The whole stock of "horror stories" about malpractice awards is essentially bogus. They amount to a series of anecdotes that don't stand up to scrutiny, a litany of urban legends.
If doctors would clean house, malpractice lawsuits would plummet. Medicine is a guild system with the doctors in control, but they don't want to purge the bad doctors. Doctors rarely report colleagues who are incompetent, and avoid testifying against each other. If doctors started removing the minority that cause the lawsuits, instead of protecting them, the insurance companies might be forced to lower rates.
Florida slapped these caps on and the insurance companies responded by raising rates. For the slow, the caps had absolutely no effect.
Also be warned that this bill the President wants is going to shield drug companies and others from law suits. More payoffs for campaign contributors.