In 2020, insurance companies and groups in the medical professional liability market wrote more than $10 billion in direct premiums and saw a direct loss & DCC to EP ratio of 79.41, according to the National Association of Insurance Commissioners (NAIC). Since medical care can often carry serious risks, the need for medical professional liability is ever ongoing as doctors, dentists and even nurses seek protection from liability associated with wrongful practice that results in injury, further medical expense and property damage, NAIC reported. Coverage can also be applied to the cost of defending lawsuits. Medial professional liability, or malpractice insurance, comes in two basic types: Occurrence and claims-made. Occurrence, which used to be more popular and covers a loss that "occurs" during a policy period, regardless of when the claim is filed. Claims-made is triggered "at the time a claim is reported [that] responds for the loss, while the policy remains in force and during any applicable extended reporting period," according to NAIC. The association noted this market occasionally sees times of crisis, such as during the 1990s, which drives up prices for policyholders. Additionally, these periods typically see volatile premium changes, increasing loss ratios due to claims payments and court costs and declines in investment. The above slideshow highlights the leading 15 medical malpractice carriers in 2020, based on NAIC research and data. Related: |

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