Medical malpractice insurance is by far the largest sector within the wider professional indemnity insurance market globally, and Finaccord estimates that it was worth more than USD 16 billion in gross written premiums and similar revenues in 2019.
Medical Malpractice Insurance in Significant Global Markets analyses this market in 15 countries: Australia, Austria, Belgium, Canada, France, Germany, Ireland, Italy, the Netherlands, South Africa, Spain, Sweden, Switzerland, the UK and the USA. It also quantifies the size of the medical malpractice insurance market globally and by region, with estimates for other important countries such as Brazil, China and Japan.
For 2015, 2019 and with a forecast for 2023, the study breaks down the market for medical malpractice insurance by country, and also between medicine and dentistry on one hand, and healthcare-related services on the other. It quantifies the number and segmentation of insurable enterprises and individuals in each country for both of these two segments, including the trend from 2015 to 2019.
- North America dominates the global market, making up 61% of all premiums and similar revenues.
- Among the 15 countries featured in this report, premiums rose fastest between 2015 and 2019 in Canada, Ireland and Switzerland.
- Although healthcare-related services only made up 17% of medical malpractice insurance premiums in 2019, its market value is forecast to grow at more than twice the rate of medicine and dentistry between 2019 and 2023.
For the 15 countries in focus, a survey of 814 professional associations with a nationwide remit also identifies affinity schemes for medical malpractice insurance set up between these associations and brokers or underwriters of this type of cover.
- It identifies nearly 450 of these affinity schemes, which are especially common in the healthcare-related services category as 56% of the professional associations researched in this segment have a distribution partnership in place.
Brokers are crucial actors in this distribution channel since 75% of these partnerships involve a broker in some form; this is slightly highly than the equivalent figure of 73% recorded by Finaccord’s previous report on this subject, published in 2016.
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