Medical Malpractice Insurance Market Global Industry Trends and Analysis by Top Companies Chubb (ACE), Hiscox Inc., Allianz, Tokio Marine HoldingsThe global medical malpractice insurance market is expected to grow at a significant growth during the forecast period. The factors that are contributing to the growth of the market are growing chronic disorder across the globe coupled with increasing medical surgeries across the globe. The foremost chronic diseases include CVD, strokes, heart attack, cancer, diabetes, breast cancer, obesity and other health disorders. Early detection is a major factor in managing chronic diseases.
Medical malpractice insurance is also known as medical professional liability insurance. It is one type of professional liability insurance that protects physicians and other licensed health care professionals from liability related to wrongful perform resulting in bodily injury, property damage and, medical expenses and the cost of defending lawsuits related to such claims.
The global medical malpractice insurance market was valued at USD 18.2 billion in 2018 and is expected to reach USD 22.7 billion in 2026, growing at a CAGR of 3.2% during the forecast period.
There is significant rise in number of patients with chronic diseases. According to America Cancer Society for 2017, a number of 1.6 million new cancer cases were diagnosed and 600,920 people dies due to cancer in the US. Additionally, NIH has estimated that there will be 1,735,350 new cases of cancer in the US by the end of 2018
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Top Key Players
Chubb (ACE)(US), Hiscox Inc. (US), Allianz (Germany), Tokio Marine Holdings (Japan), XL Group(US), AXA(France), Travelers(US), Assicurazioni Generali(Italy), Doctors Company(US), Marsh & McLennan (US), are the major players operating in the global medical malpractice insurance market.
Asia-Pacific is both a strong and promising market for medical malpractice insurance.
This is particularly due to the strong population base, high prevalence of chronic diseases such as cancer and others in Asian countries such as China, Japan, and India. Half of the global incidence of cancer is projected to occur in Asia with 22% in China and 7% in India only that further provide the opportunity for market growth. According to NICPR (National Institute of Cancer Prevention and Research), India recorded 3.9 million cancer cases in 2016.
Cancer is the major cause of deaths in the country. Poor economic conditions are supporting the number of deaths caused by cancer. Absence of proper diagnostic centres for the huge population is also the key contributing factor for the prevalence of chronic disease in the country that further increases the surgical procedure thus creating significant opportunity for the medical malpractice insurance market.
• Based on type, the E&O insurance segment is expected to grow at the highest CAGR of around 4.8% during the forecast period
• Based on the Coverage US$1 Million to US$5 Million segment is accounted for the largest share in the market and held for around 33% of the total market, in 2018
• North America accounted for around 36% share of the global medical malpractice insurance market in 2018
• Asia-Pacific is projected to grow at the highest CAGR of around 5.1% during the forecast period
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