DUBLIN–(BUSINESS WIRE)–The “Medical Malpractice Insurance Market Analysis by Type (E&O Insurance, D&O Insurance), by Coverage (Up to US$1 Million, US$1 Million to US$5 Million, US$5 Million to US$20 Million, above $20 Million), and by Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
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.
Hiscox Inc. (USA)
Tokio Marine Holdings (Japan)
XL Group (US)
Assicurazioni Generali (Italy)
Doctors Company (US)
Marsh & McLennan (US)
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 to policy language and high cost of insurance are expected to restrain the global market growth.
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 to the launch of new type insurance policies for directors and officers globally.
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.
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.
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