Medical Professional Liability Insurance Market Expected to Reach $33.7 Bn by 2031 at a 10.8% CAGR

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.

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The adoption of medical liability insurance solutions or malpractice insurance has increased over the years to help organizations to cover liability of the doctors well as to cover the liability of the other person.

The COVID-19 outbreak has impacted the life & businesses of all the individuals globally. The pandemic has increased the need for medical professional liability insurance market trends among doctors and physicians to avoid suing by customers during a wrong operation or surgery during the spread of coronavirus. Furthermore, there was rapid growth in hospitalization due to the COVID-19 outbreak. Therefore, there was a substantial medical professional liability insurance demand owing to need for security for doctors which drive the growth for medical professional liability insurance industry. In addition, the spread of this health crisis across the globe is one of the major reasons behind the increase in insurance premium as the situation has laid enormous pressure on insurance companies in the market.

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.

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