Top 10 medical professional liability insurers

Medical professional liability insurance, often referred to as "medical malpractice insurance" is imperative for physicians and other health care professionals, and it isn't rare for these policies to be utilized. According to the American Medical Association (AMA), 34% of physicians have had a claim filed against them in their career. With such high risk involved, it's no wonder premiums have been trending upward, especially since the beginning of the pandemic. Between 2019 and 2021, the proportions that medical professional liability insurance (MPL) premiums increased to reached highs not seen since the early 2000s, says a report from the AMA. They found that in 2020, 31.1% of premiums reported to the Medical Liability Monitor increased from 2019; in 2021, 29.5% of premiums increased from the previous year. The last time premiums showed an increase as high as the one in 2020 was in 2005. Despite this overall trend, direct premiums earned by insurers that provide medical professional liability coverage vary greatly state-to-state. In 2019, for example, while New York insurers reported over $1.5 billion in earned premiums from these policies, insurers in North Dakota reported just over $11 million, according to Statista. In the slideshow above, we take a look at the top 10 insurers for medical professional liability coverage, as well as the earned premium, loss ratio and market share of those companies according to information from the National Association of Insurance Commissioners.

Related:

• The best professional liability insurance companies for 2022
• Trends to watch in tomorrow's workers' comp market
• Defending a large loss claim