Global Medical Malpractice Insurance: A Worldwide Review is about the market for and distribution of policies covering medical liability as it exists in 20 countries: Australia; Austria; Belgium; Brazil; Canada; France; Germany; India; Ireland; Italy; Japan; Mexico; the Netherlands; Poland; South Africa; Spain; Sweden; Switzerland; the UK; and the US. For 2011, 2015 and with a forecast for 2019, the study breaks down the market for medical malpractice insurance not only by country but also, on a standardised basis between the medicine and dentistry category, on one hand, and the category of healthcare-related services, on the other.
In particular, the report quantifies the number, growth in number and segmentation of insurable enterprises and individuals in each country from 2011 to 2015 plus the value, growth and segmentation of the market for medical malpractice insurance over the same time frame and with a forecast to 2019. The study also identifies affinity schemes for medical malpractice insurance set up between professional associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 942 such associations) and discusses other key issues related to the market such as claims experience.
Key findings from the executive summary include:
the approximate value of the market for medical malpractice insurance across the 20 countries investigated was USD 16.4 billion in terms of gross written premiums in 2015, thereby accounting for around 91.5% of the worldwide market estimated at USD 17.9 billion;
looking ahead, Finaccord forecasts that premiums for medical malpractice insurance will rise across the 20 countries to around USD 17.4 billion in 2019, equivalent to a compound annual growth rate of 1.4% in nominal terms but to a compound annual decline of 0.1% in real terms;
in real terms, it predicts that this growth will be most rapid in Poland (7.9%), Canada (6.0%) and India (5.1%) but that the market value will contract in Australia, Brazil and the US;
in addition to a rise in the underlying number of insurable enterprises and individuals eligible for medical malpractice insurance, the main driver of this growth is the increasing cost and frequency of claims in certain countries (e.g. in Canada, where the premiums of CMPA and HIROC have advanced rapidly in recent years).
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations, Singapore Branch.