APAC to lead medical liability insurance market with 14.1% CAGR

Globally, the market was valued at $12.5b in 2021.

Asia-Pacific is forecast to record the fastest compound annual growth rate (CAGR) of 14.1% in the medical professional liability insurance market from 2021 to 2031, according to Allied Market Research. 

Globally, the market was valued at $12.5b in 2021 and is projected to grow to $33.7b by 2031. This represents a CAGR of 10.8% from 2022 to 2031.

The market saw moderate impact from COVID-19, with increased internet use during lockdowns supporting online distribution of insurance products. 

There was also a rise in the automation of claims underwriting processes, and ongoing tech advancements are expected to further drive adoption among healthcare professionals.

Misdiagnosis or delayed diagnosis accounted for the largest share of claims in 2021, whilst surgical errors are expected to post the fastest growth at a CAGR of 15.2% through 2031. 

In terms of coverage, policies valued between $1m and $5m made up the largest segment, while those between $5m and $20m are projected to grow the fastest at a CAGR of 14.9%.