PUBLISHER: Allied Market Research | PRODUCT CODE: 1179767
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179767
Medical professional liability insurance is a type of liability insurance that protects against risks specific to the profession, such as careless misdiagnosis, inappropriate medication dose, improper surgery, and the wrong course of treatment. If a doctor ever acts improperly against a patient, the insurance is intended to support them both financially and legally. It also helps defend them from accusations of negligence.
Medical liability insurance minimizes the risk, such as bodily injury caused to any person because of misdiagnosis or any other circumstances. In addition, it reduces out of pocket costs for the insured. Without coverage, the insured have to pay out of pocket to cover claims, which can put their business at financial risk. Moreover, surge in awareness of medical professional liability insurance in developing countries is a factor that propels the market growth. However, rise in medical professional liability insurance premium cost and lack of knowledge about coverage included in medical professional liability insurance policy are some major factors that limit the growth of the medical professional liability insurance market. On the contrary, medical professional liability insurance is an essential coverage for providing compensation for health staff to recover from a work-related injury or illness. Therefore, rise in cases of hospital-related accidents is expected to provide major lucrative opportunities for the growth of the medical professional liability insurance market.
The medical professional liability insurance market is segmented into type, claim type, coverage, application, distribution channel, and region. By type, the market is differentiated into occurrence-based policies and claims-based policies. The claims type is segmented into misdiagnosis or delayed diagnosis, childbirth injuries, medication errors, surgical errors and others. By coverage, the market is segmented into up to US$1 million, US$1 million to US$5 million, US$5 million to US$20 million and above US$20 million. Depending on application, it is bifurcated into individual and commercial. The commercial is further segmented into private hospital and public hospital. Private hospital is further segregated into large hospital and small and medium-sized hospital The distribution channel segment is segregated into agents & brokers, direct response, banks and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The medical professional liability insurance market analysis includes top companies operating in the market such as 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the medical professional liability insurance industry.
By Type
By Claim Type
By Coverage
By Application
By Distribution Channel
By Region