Portland, OR, Sept. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global medical professional liability insurance market generated $12.5 billion in 2021, and is projected to reach $33.7 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $12.5 billion |
| Market Size in 2031 | $33.7 billion |
| CAGR | 10.8% |
| No. of Pages in Report | 449 |
| Segments Covered | Type, Claim Type, Coverage, Application, Distribution Channel, And Region. |
| Drivers | Increase in the cases of accidents among people |
| Surge in awareness of medical professional liability insurance | |
| Opportunities | Rise in need to reduce fraudulent claim settlement activities |
| Increase in need to improve claim management services via advanced software to efficiently speed up processes | |
| Restrains | Increase in insurance premium cost |
| Lack of knowledge about coverages included in medical professional liability insurance policy |
COVID-19 Scenario:
- The pandemic had a moderate impact on the global medical professional liability insurance market due to the presence of lockdowns in various countries across the globe.
- In some cases, the outbreak of the COVID-19 pandemic remarkably expanded the growing reliance on technology among people. Internet penetration surged exponentially during the pandemic, and hence several medical professional liability insurances were available at affordable rates.
- In addition, there was a growing trend of automation of claims underwriting processes in the medical professional liability insurance market.
- Furthermore, persistent technological advancements prevalent in the field of insurance are expected to surge adoption of medical professional liability insurance among doctors.
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The report offers detailed segmentation of the global medical professional liability insurance market based on type, claim type, coverage, application, distribution channel, and region.
Based on type, the occurrence-based policies segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.1% during the forecast period. The report also analyses other segments of the market such as the claims-based policies segment.
Based on claim type, the misdiagnosis or delayed diagnosis segment held the largest market share in 2021, holding around two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The surgical errors segment, on the other hand, is expected to cite the fastest CAGR of 15.2% during the forecast period.
Based on coverage, the US$1 million to US$5 million segment held the largest market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The US$5 million to US$20 million segment, on the other hand, is expected to cite the fastest CAGR of 14.9% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 14.1% during the forecast period.
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The key players analyzed in the global medical professional liability insurance market report include Allianz, Aviva, AXA, Berkshire Hathaway Specialty Insurance, Chubb, Cigna, CoverWallet, Coverys, Liberty Mutual Group, MagMutual LLC, MCIC Vermont, ProAssurance Corporation, The Doctors Company, The Hartford, Zurich, The Travelers Indemnity Company, and CNA.
The report analyzes these key players in the global medical professional liability insurance market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical professional liability insurance market forecast from 2022 to 2031 to identify prevailing medical professional liability insurance market opportunity.
- In addition to the market research, important drivers, restraints, and opportunities are covered as well.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical professional liability insurance market segmentation assists in determining the prevailing market opportunities.
- According to their contribution to global market revenue, the major countries in each region are mapped.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical professional liability insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
Type
- Occurrence-based Policies
- Claims-based Policies
Claim Type
- Medication Errors
- Surgical Errors
- Others
- Misdiagnosis or Delayed Diagnosis
- Childbirth Injuries
Coverage
- Up to US$1 Million
- US$1 Million to US$5 Million
- US$5 Million to US$20 Million
- Above US$20 Million
Application
- Individual
- Commercial
- Commercial
- Private Hospital
- Public Hospital
- Commercial
Distribution Channel
- Agents and Brokers
- Direct Response
- Banks
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest Of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest Of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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