Medical Professional Liability Insurance Market By Type (Occurrence-based Policies, Claims-based Policies), By Claim Type (Misdiagnosis or Delayed Diagnosis, Childbirth Injuries, Medication Errors, Surgical Errors, Others), By Coverage (Up to US$1 Million, US$1 Million to US$5 Million, US$5 Million to US$20 Million, Above US$20 Million), By Application (Individual, Commercial), By Distribution Channel (Agents and Brokers, Direct Response, Banks, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global medical professional liability insurance market along with the current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global medical professional liability insurance market size are provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global medical professional liability insurance market from 2021 to 2031 is provided to determine the market potential.
Key Market Segments
By Type
Occurrence-based Policies
Claims-based Policies
By Claim Type
Medication Errors
Surgical Errors
Others
Misdiagnosis or Delayed Diagnosis
Childbirth Injuries
By Coverage
Up to US$1 Million
US$1 Million to US$5 Million
US$5 Million to US$20 Million
Above US$20 Million
By Application
Individual
Commercial
Commercial
Private Hospital
Public Hospital
By Distribution Channel
Agents and Brokers
Direct Response
Banks
Others
By Region
North America
U.S.
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
Key Market Players
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
CNA
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