PUBLISHER: The Business Research Company | PRODUCT CODE: 1711020
PUBLISHER: The Business Research Company | PRODUCT CODE: 1711020
Medical professional liability insurance, commonly referred to as malpractice insurance, is designed to protect healthcare professionals from claims of negligence, errors, or omissions that occur while providing medical services. This insurance ensures that healthcare providers can continue their practice without the financial burden of legal claims related to their professional activities.
There are two main types of medical professional liability insurance are occurrence-based policies and claims-made policies. Occurrence-based policies cover claims arising from incidents that occur during the policy period, regardless of when the claim is reported. Various claim types include medication errors, surgical errors, misdiagnosis or delayed diagnosis, and childbirth injuries, with coverage levels ranging from up to $1 million, $1 million to $5 million, $5 million to $20 million, and above $20 million. These policies are distributed through different channels, such as agents and brokers, direct response, banks, and others, and are used for various purposes, including individual and commercial applications.
The medical professional liability insurance market research report is one of a series of new reports from The Business Research Company that provides medical professional liability insurance market statistics, including medical professional liability insurance industry global market size, regional shares, competitors with a medical professional liability insurance market share, detailed medical professional liability insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the medical professional liability insurance industry. This medical professional liability insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry
The medical professional liability insurance market size has grown rapidly in recent years. It will grow from $14.64 $ billion in 2024 to $16.23 $ billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to Increasing instances of accidents, increasing awareness, increasing medical costs, rising number of claims, and the rise of telemedicine.
The medical professional liability insurance market size is expected to see rapid growth in the next few years. It will grow to $24.34 $ billion in 2029 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to the increasing need to reduce fraudulent claim settlement activities, the rising need to improve claim management services, the increasing number of medical malpractice claims, rising healthcare costs, and increasing patient expectations. Major trends in the forecast period include technological advancements, integrating artificial intelligence (AI) and machine learning, the rise of digital healthcare records, emphasis on risk management solutions, and integrating data analytics.
The growing incidence of medical accidents is anticipated to drive the expansion of the medical professional liability insurance market. Medical accidents, also known as medical errors or adverse events, refer to unintended injuries or complications resulting from medical care or treatment. These accidents can arise from various factors such as human error, system failures, or unforeseen complications. Medical professional liability insurance covers these unintended mistakes or accidents, ensuring support for both the provider and the patient in case of an incident. For example, according to the Association of Health Care Journalists (AHCJ), medical errors cause 251,000 fatalities annually in the USA, accounting for 9.5% of all deaths in the country each year. This increasing incidence of medical accidents is fueling the growth of the medical professional liability insurance market.
Major players in the medical professional liability insurance market are focusing on innovative solutions, including AI-based platforms that integrate digital tools for efficient policy management, real-time risk assessment, enhanced claims processing, and improved customer service. For instance, in October 2023, Indigo, a US-based company specializing in natural language processing and machine learning, introduced an AI-driven medical professional liability insurance platform. This platform aims to improve insurance process efficiency for brokers by offering real-time quoting and binding capabilities, which enhances brokers' success rates in securing client policies.
In January 2023, MagMutual Insurance Company, a US-based provider of medical professional liability insurance, acquired MDAdvantage Insurance. This acquisition, for an undisclosed amount, is a strategic move to strengthen MagMutual's position in the market by enhancing its policy offerings and risk management services for insured physicians. MDAdvantage Insurance is a US-based private insurance company specializing in medical professional liability insurance.
Major companies operating in the medical professional liability insurance market are AXA SA, Allianz SE, Munich Reinsurance Company, American International Group Inc. (AIG), Chubb Limited, Aviva PLC, The Hartford Financial Services Group Inc., MCIC Vermont LLC, Zurich Insurance Group Ltd., Hiscox Ltd., Towergate Insurance Brokers, Berkshire Hathaway Inc., ProAssurance Corporation, Medical Professional Mutual Insurance Company (ProMutual), Beazley PLC, CoverWallet Inc., MagMutual LLC, Assicurazioni Generali S.p.A., Kerry London Limited, The Doctors Company, Blackfriars Insurance Brokers Ltd.
Asia-Pacific was the largest region in the medical professional liability insurance market in 2023. The regions covered in the medical professional liability insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical professional liability insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical professional liability insurance market includes revenues earned by entities by providing general liability insurance, employee benefits liability and managed care liability. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Professional Liability Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical professional liability insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical professional liability insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical professional liability insurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.