Global Medical Professional Liability Insurance Market

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Portland, OR, Sept. 15, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the medical malpractice insurance market generated $12.5 billion in 2021 and is expected to reach $33.7 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031. changing market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, early adopters and stockholders in introducing necessary strategies for the future and taking essential actions to significantly strengthen and increase their position in the market.

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Report coverage and details:

Report cover Details
Forecast period 2022–2031
base year 2021
Market size in 2021 $12.5 billion
Market size in 2031 $33.7 billion
CAGR 10.8%
Number of pages in the report 449
Segments Covered Type, demand type, coverage, application, distribution channel and region.
Drivers Increase in cases of accidents among people
Increased awareness of medical malpractice insurance
Opportunities Increased need to reduce fraudulent claims activity
Increased need to enhance claims management services through advanced software to effectively speed up processes
holds back Increased cost of insurance premiums
Lack of knowledge about the coverages included in medical professional liability insurance Politics

COVID-19 scenario:

  • The pandemic has had a moderate impact on the global medical malpractice insurance market owing to the presence of lockdowns in various countries around the world.
  • In some cases, the outbreak of the COVID-19 pandemic has greatly increased the growing reliance on technology among people. Internet penetration increased exponentially during the pandemic and as a result several medical malpractice insurances were available at affordable rates.
  • Additionally, there was a growing trend towards automating claims underwriting processes in the medical malpractice insurance market.
  • In addition, the persistent technological advancements prevalent in the field of insurance are expected to boost the adoption of medical malpractice insurance by physicians.

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The report offers a detailed segmentation of the global medical malpractice insurance market on the basis of type, claim type, coverage, application, distribution channel, and region.

On the basis of type, the event-based fonts segment held the dominant market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leading status during the forecast period. Also, the same segment should cite the Fastest CAGR 12.1% over the forecast period. The report also analyzes 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 about two-fifths of the global market, and is expected to maintain its leading status during the forecast period. . The surgical error segment, on the other hand, is expected to quote the fastest CAGR of 15.2% during the forecast period.

Based on coverage, the US$1-5 million segment held the largest market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leading status during the forecast period. . The US$5-20 million segment, on the other hand, is expected to quote the fastest CAGR of 14.9% during the forecast period.

According to the region, North America market held the dominant market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leading status during the forecast period. The Asia-Pacific region, on the other hand, is expected to quote the fastest CAGR of 14.1% during the forecast period.

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Key players analyzed in the Global Medical Professional Liability Insurance Market report are 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.

The report analyzes these key players in the global medical malpractice insurance market. These market players have effectively used strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is useful for analyzing recent developments, product portfolio, business performance, and operating segments of major market players.

Main benefits for stakeholders

  • This report provides quantitative analysis of market segments, current trends, estimates and forecast dynamics of the Medical Malpractice Insurance market from 2022 to 2031 to identify Malpractice Insurance market opportunities medical.
  • In addition to market research, important drivers, restraints and opportunities are also covered.
  • Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of medical malpractice insurance market segmentation helps in determining the existing market opportunities.
  • Based on their contribution to global market revenue, major countries in each region are mapped.
  • The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
  • The report includes analysis of regional and global Medical Professional Liability Insurance market trends, key players, market segments, application areas and market growth strategies.

Key market segments

Type

  • Occurrence-based policies
  • Claims-Based Policies

Complaint type

  • Medication errors
  • Surgical errors
  • Others
  • Misdiagnosis or delayed diagnosis
  • Childbirth injuries

Cover

  • Up to US$1 million
  • US$1 million to US$5 million
  • US$5 million to US$20 million
  • Above 20 million US dollars

Application

  • Individual
  • Commercial
    • Commercial
      • PRIVATE hospital
      • public hospital

Distribution channel

  • Agents and brokers
  • Direct response
  • Banks
  • Others

By region

  • North America (US, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
  • Asia Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)

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