Medical Malpractice Insurance Market Scope
Medical malpractice insurance is also called medical professional liability insurance. It is an errors and mission type of coverage. It protects the healthcare professionals and physicians for the claims alleging their negligent acts caused injury to patients. This insurance is essential for nurses, dentists, opticians, physical therapists, or anyone else who provides healthcare services. This malpractice coverage is given by both standard insurers like CNA and AIG and specialty insurers like NORCAL Mutual and MedPro. Moreover, it covers costs such as lawyer fees, settlement and arbitration costs, medical damages, and punitive damages.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Chubb (United States), AIG (United States), Hiscox (Bermuda), Allianz (Germany), Tokio Marine Holdings (Japan), XL Group (United States), AXA (France), Travelers (United States), Assicurazioni Generali (Italy) and Doctors Company (United States) |
CAGR | 13.1% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Medical Malpractice Insurance market throughout the predicted period.
Chubb (United States), AIG (United States), Hiscox (Bermuda), Allianz (Germany), Tokio Marine Holdings (Japan), XL Group (United States), AXA (France), Travelers (United States), Assicurazioni Generali (Italy) and Doctors Company (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Marsh & McLennan (United States), Liberty Mutual (United States), Medical Protective (United States), Aviva (United Kingdom), Zurich (Switzerland), Sompo Japan Nipponkoa (Japan), Munich Re (Germany) and Aon (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Malpractice Insurance market by Type and Region with country level break-up.
On the basis of geography, the market of Medical Malpractice Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In September 2022, Preverity and Positive Physicians Insurance Company announced a transformative partnership. This partnership aims to improve risk prediction and drive underwriting efficiency for Positive's business. Preverity's Enterprise product will significantly enhance Positive's underwriting, pricing, and operational efficiency capabilities.
In October 2023, Indigo launched a new medical professional liability insurance platform. Utilizing artificial intelligence, Indigo's platform disrupts the traditional market by offering customized pricing for physicians and a streamlined experience for brokers.
Influencing Trend:
Adoption of Advanced Technologies for Surgeries
Market Growth Drivers:
Increasing Prevalence of Chronic Diseases Coupled with Number of Surgeries Across the Globe and Increasing Cases of Medical Malpractice
Challenges:
Stiff Competition Among the Major Players
Restraints:
High Costs of Premiums for Insurance
Opportunities:
Rising Number of Surgeries for Accidental Injuries
Key Target Audience
Insurance providers, Insurance Brokers, Government associations, Research organizations and Others