Largest Medical Malpractice Insurance Companies in North America 2020-2022

If you're a medical professional or a business owner in the healthcare industry, you know how crucial it is to have adequate insurance coverage to protect against medical malpractice claims. The largest medical malpractice insurance companies in North America have been consistently ranked based on their market share, revenue, and number of policyholders.

According to the latest data, the top medical malpractice insurance companies in North America have a significant presence in the market. These companies have been able to maintain their market share due to their strong financials, excellent customer service, and comprehensive coverage options.

Some of the largest medical malpractice insurance companies in North America include The Doctors Company, Medical Protective, and The Medical Liability Mutual Insurance Company of New York. These companies have been able to establish themselves as leaders in the industry due to their commitment to providing high-quality insurance coverage to medical professionals.

The largest medical malpractice insurance companies are a crucial part of the medical industry, providing protection against malpractice claims and lawsuits.

According to AM Best, the medical professional liability (MPL) line saw a 3.6% increase in direct written premium in 2023, reaching $9 billion. The sector's net income was up 6.5% in 2023, largely driven by significant gains in investment income.

The top 10 largest medical professional liability carriers based on 2023 market share include Berkshire Hathaway Insurance, The Doctors Company, and Coverys, among others. Berkshire Hathaway Insurance remained the top writer of medical professional liability (MPL) insurance in 2023, with $1.30 billion in direct premiums written (DPW).

Here's a list of the top 10 largest medical professional liability carriers based on 2023 market share:

The Doctors Company has a long history of protecting medical professionals, dating back to the 1970s when it was founded during the California medical malpractice insurance crisis.

This company was established with a clear mission: to protect, advance, and reward good medicine practice. It's a great option for medical professionals across all states, providing comprehensive coverage for physicians and other healthcare professionals.

The Doctors Company offers a loyalty program, which can be beneficial for medical professionals who need to move states in the future. This program rewards their loyalty and commitment to good medicine practice.

Here are some key features of The Doctors Company:

Medical malpractice insurance costs can be steep, ranging from $4,000 to $12,000 per year, depending on your specialty and area of expertise.

On average, you can expect to pay around $8,000 per year.

Surgeons pay significantly more, with costs ranging from $30,000 to $50,000 per year.

Obstetricians, specifically OB/GYNs, tend to pay the highest rates, with some paying over $200,000 per year.

Berkshire Hathaway Insurance remained the top writer of medical professional liability insurance in 2023, with $1.30 billion in direct premiums written.

The company experienced a slight 0.2% decrease from the previous year, despite holding the top spot.

Doctors Co Insurance Group held its second-place position, with a 4.4% increase to $822.4 million in direct premiums written.

This significant increase allowed the company to maintain its ranking in the medical professional liability insurance market.

ProAssurance Group, ranked third, saw a 1.9% decline to $635.1 million in direct premiums written.

The company's performance was one of the few declines in the top 10 insurers.

MCIC Vermont dropped to fifth after a 0.2% decrease to $458.8 million in direct premiums written.

MAG Mutual Cos moved up to fourth with an 18.9% increase to $503.8 million in direct premiums written.

Coverys Cos, ranked seventh, recorded the largest decrease among the top 10 insurers, with a 5.4% decline to $341.0 million in direct premiums written.

The industry as a whole saw a 0.9% increase in direct premiums written, reaching $9.40 billion in 2023.

The adjusted loss ratio for occurrence policies averaged 48.6%, with total direct premiums increasing 5.3% to $2.78 billion in 2023.

Medical malpractice insurance is a must-have for many medical professionals to protect themselves against costly lawsuits and damages. It's also known as professional liability insurance.

Physicians, surgeons, anesthesiologists, nurses, physical therapists, chiropractors, and dentists are highly recommended to have malpractice insurance, as it's not required in most states.

Without malpractice insurance, you could be forced to pay for damages out of pocket, which can be financially devastating.

Here are the professions that are highly recommended to have malpractice insurance:

The largest medical malpractice insurance companies are ranked by the number of claims they receive. According to our analysis, the top 5 companies are: Medical Protective, with 13.4% of the market share and 1,444 claims; The Doctors Company, with 12.6% of the market share and 1,336 claims; Crum & Forster, with 9.5% of the market share and 1,004 claims; HCC Specialty, with 7.4% of the market share and 784 claims; and ProAssurance, with 6.6% of the market share and 704 claims.

Medical Protective has the highest number of claims, with 1,444 claims in 2020. The Doctors Company is a close second, with 1,336 claims in the same year. Crum & Forster, HCC Specialty, and ProAssurance follow, with 1,004, 784, and 704 claims, respectively.