The global market size for medical malpractice insurance is estimated at USD 18.59 billion in 2021 and is expected to register a CAGR of 2.71% during the forecast period.
Chubb (ACE) (USA)
Hiscox Inc. (USA)
Tokio Marine Holdings (Japan)
XL Group (USA)
Assicurazioni Generali (Italy)
Doctors Company (USA)
Marsh & McLennan (USA)
The increasing prevalence of chronic diseases worldwide is a major driver of the growth of the global market for malpractice insurance. In addition, rising medical malpractice cases, consideration of initiatives by major players to capture greater market share, and government policies to support health insurance are some of the other drivers propelling the market growth. Nevertheless, concerns related to policy language and high insurance costs are expected to restrain the growth of the global market.
Divided into E&O insurance and D&O insurance by type. In 2021, the E&O insurance segment accounted for a large revenue share with a favorable CAGR during the forecast period. This is due to an increase in errors and fraud in medical practice around the world. The D&O insurance segment is expected to grow at a profitable he CAGR across the globe during the forecast period owing to the introduction of new insurance policies for directors and officers.
Based on coverage, the market is segmented into up to $1M, $1M to $5M, $5M to $20M, and $20M and above. In 2021, the $1 million to $5 million segment accounted for a large revenue share with favorable CAGR during the forecast period. This is because medical professionals around the world are increasingly preferring this class of insurance. The $5 million to $20 million segment is expected to grow at a profitable CAGR over the forecast period as this insurance class covers a large group of diseases in this coverage category.
In 2021, North America will account for the highest revenue share in the global market and is expected to maintain its dominance over the forecast period. This is attributed to a developed healthcare infrastructure, increased investment in health insurance, and increased healthcare spending in the region. The Asia-Pacific market will grow during the forecast period as deregulation, increased government and corporate investment in the healthcare sector, rising population aging, and growing awareness of health insurance are the key drivers in the region. Expected to exhibit the fastest CAGR