Direct premiums written in 2021: $187,775,233
Direct premiums earned in 2021: $180,307,739
Direct loss to EP ratio: 36.86
Market share: 1.69%
Direct premiums written in 2021: $201,436,917
Direct premiums earned in 2021: $178,526,362
Direct loss to EP ratio: 103.8
Market share: 1.81
Direct premiums written in 2021: $307,729,293
Direct premiums earned in 2021: $275,001,419
Direct loss to EP ratio: 71.47
Market share: 2.77%
Direct premiums written in 2021: $384,988,146
Direct premiums earned in 2021: $384,988,146
Direct loss to EP ratio: 94.56
Market share: 3.46%
Direct premiums written in 2021: $417,942,952
Direct premiums earned in 2021: $391,401,706
Direct loss to EP ratio: 52.19
Market share: 3.76%
Direct premiums written in 2021: $574,677,418
Direct premiums earned in 2021: $575,292,525
Direct loss to EP ratio: 65.03
Market share: 5.17%
Direct premiums written in 2021: $638,679,985
Direct premiums earned in 2021: $638,076,284
Direct loss to EP ratio: 50.31
Market share: 5.75%
Direct premiums written in 2021: $739,157,490
Direct premiums earned in 2021: $767,677,269
Direct loss to EP ratio: 56.21
Market share: 6.65%
Direct premiums written in 2021: $1,070,668,983
Direct premiums earned in 2021: $1,015,317,215
Direct loss to EP ratio: 46.76
Market share: 9.63%
Direct premiums written in 2021: $1,944,101,165
Direct premiums earned in 2021: 1,860,819,790
Direct loss to EP ratio: 48.7
Market share: 17.49%
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.
