Medical Malpractice Insurance Market

Report Description
Table of Contents

Report Description

The global medical malpractice insurance market size is estimated to be USD 18.59 billion in 2021 and is expected to witness a CAGR of 2.71% during the forecast period. Increasing occurrence of chronic diseases globally is a key driver for the growth of the global medical malpractice insurance market. Additionally, growth in cases of medical malpractice, considered initiatives by key players to attain larger market share, and government policies supporting medical insurance are some of the other drivers propelling the market growth. Nevertheless, concerns related policy language and high cost of insurance are expected to restrain the global market growth.

Global Medical Malpractice Insurance Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Type

Based on type, the market is categorized into E&O insurance and D&O insurance. In 2021, the E&O insurance segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the increasing number of errors and malpractice throughout medical practice worldwide. The D&O insurance segment is anticipated to grow at a profitable CAGR during the forecast period, due the launch of new type insurance policies for directors and officers globally.

By Coverage

Based on coverage, the market is categorized into Up to US$1 Million, US$1 Million to US$5 Million, US$5 Million to US$20 Million, and above $20 Million. In 2021, the US$1 Million to US$5 Million segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the increase in preference of this bracket of insurance coverage by medical experts worldwide. The US$5 Million to US$20 Million segment is anticipated to grow at a profitable CAGR during the forecast period, due to the fact that this insurance bracket covers a large group of diseases under this coverage category.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the developed healthcare infrastructure, increase in healthcare insurance investments, and rise in healthcare expenditure in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the fewer regulations, increase in government and corporate investment in healthcare sector, growing aged population, and rising awareness about medical insurance, are the major factors in this region.

Competitor Insights

Some of the key players in the Medical Malpractice Insurance market are Chubb (ACE)(U.S.); Hiscox Inc. (U.S.); Allianz (Germany); Tokio Marine Holdings (Japan); XL Group (U.S.); AXA (France); Travelers (U.S.); Assicurazioni Generali (Italy); Doctors Company (U.S.); and Marsh & McLennan (U.S.). The leading players operating in the medical malpractice insurance industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The Medical malpractice insurance market report is categorized into the following segments and subsegments: