Medical Professional Liability Insurance Market Size, Share, Key Players, Revenue, Research Report and Forecast 2031

The global medical professional liability insurance market revenue was around US$ 12.6 billion in 2021 and is estimated to reach US$ 33.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.8% during the forecast period from 2022 to 2031.

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Medical professional liability insurance is a type of insurance created to shield the finances of medical practitioners against the costs of litigation and compensation claims made by patients. A specific contractual duty called indemnification calls for one party to cover the losses incurred by the party that was mistreated.

Factors Influencing Market Growth

- The rise in accident rates and increased public awareness of medical professional liability insurance are some of the factors driving the market's expansion.

- The increased dependence on medical equipment for patient diagnosis by physicians increases the possibility that the diagnosis was made using faulty equipment, which is anticipated to increase the demand in the market.

- Rising cases of suing for improper treatments are predicted to fuel market growth.

- Rise in insurance premium costs and the lack of awareness of the coverages included in medical professional liability insurance policies. Such factors hamper the market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negligible impact on the market. Additionally, the pandemic has expedited several developments, including a greater dependence on technology and automation of claims underwriting procedures in the market. Moreover, the use of digitalized solutions for medical professional liability insurance plans is also raising the demand for insurance regarding client convenience and accessibility.

However, the acceptance of medical professional liability insurance among doctors is also predicted to expand due to technological developments in the insurance industry. These were the primary growth patterns in the market.

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Regional Insights

Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. This is attributed to increased medical errors made during operations and procedures across regions due to wrong timing, staff shortages, omission errors, and incorrect dosages.

Leading Competitors

The leading competitors in the global medical professional liability insurance market are:
- The Hartford
- Zurich
- MCIC Vermont
- The Travelers Indemnity Company
- Coverys
- Cigna
- The Doctors Company
- CoverWallet
- Aviva
- MagMutual LLC
- AXA
- Chubb
- Berkshire Hathaway Specialty Insurance
- Allianz
- Liberty Mutual Group
- ProAssurance Corporation
- Others
Segmentation Analysis
The global medical professional liability insurance market segmentation focuses on Type, Claim Type, Coverage, Application, Distribution Channel, and Region.
Segmentation based on Type
- Occurrence-based Policies
- Claims-based Policies
Segmentation based on Claim Type
- Medication Errors
- Surgical Errors
- Others
- Misdiagnosis or Delayed Diagnosis
- Childbirth Injuries
Segmentation based on Coverage
- Medication Errors
- Surgical Errors
- Others
- Misdiagnosis or Delayed Diagnosis
- Childbirth Injuries

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Segmentation based on Application
- Individual
- Commercial
o Private Hospital
o Public Hospital
Segmentation based on Distribution Channel
- Agents and Brokers
- Direct Response
- Banks
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific

- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA

- South America
- Brazil
- Argentina
- Rest of South America

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Table of Content

Chapter 1: Global Medical Professional Liability Insurance Industry Overview

Chapter 3: Market Dynamics

Chapter 4: Top Company Profiles

Chapter 5: Global Medical Professional Liability Insurance market Competition, by Players

Chapter 6: Global Market Size by Regions

Chapter 7: Global Market Segment by Application

Chapter 8: Global Medical Professional Liability Insurance Industry Segment by Type

Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers

Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders

Chapter 11: Key Marketing Strategy Analysis, by Market Vendors

Chapter 12: Market Effect Factors Analysis

Chapter 13: Global Medical Professional Liability Insurance market Size Forecast (2023-2031).

Continue….

Reasons to Buy This Report

(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.

(B) The report offers comprehensive analysis of Medical Professional Liability Insurance market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.

(C) The research includes segmentation of the Medical Professional Liability Insurance market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.

(D) Analysis of the Medical Professional Liability Insurance market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.

(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.

(F) The study helps evaluate Medical Professional Liability Insurance business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.

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This release was published on openPR.