ROCKVILLE, Md.--(BUSINESS WIRE)--Dec 15, 2022--

The medical liability insurance industry showed double-digit premium growth in 2021, driven by firmer pricing and a return to pre-pandemic levels of healthcare utilization, according to a new report released today from the Medical Professional Liability (MPL) Association. The report examines direct premiums written for physicians and hospitals, as well as other healthcare professionals and other facilities.

Most companies recorded healthy premium increases in 2021 and the environment seemed primed for similar growth in 2022, the report, “ Where Are MPL Premiums Heading?” found. However, MPL industry data as of June 30, 2022, shows that premium growth appears to have stalled.

“While the industry continues to show mid-single digit growth, most segments show much less growth than was recorded in 2021,” said MPL Association Vice President of Research & Analytics Bill Burns. “The slowdown in growth was particularly sharp for the segments of ‘other professionals’ and ‘other facilities’ where premium increases were more than 25 percentage points less than in the same period in 2021.” The MPL industry has not recorded an underwriting profit in almost a decade and continued pricing increases are likely needed to reverse this trend, Burns, noted.

The report is the first product from the Association’s newly structured Research & Analytics Department, which will be issuing more MPL-specific industry analyses in 2023.

The report is available on the MPL Association website.

The MPL Association is the leading international association representing medical professional liability insurance companies, risk retention groups, captives, trusts, and other entities with a commitment to the quality delivery of healthcare. MPL Association members insure nearly 2.5 million healthcare professionals around the world—doctors, dentists, oral surgeons, nurses and nurse practitioners, podiatrists, and other healthcare providers. MPL Association members also insure more than 3,000 hospitals and 50,000 medical facilities and group practices globally.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221215005313/en/

CONTACT: Bill Burns, Vice President, Research & Analytics, MPL Association

908-210-6013, orbburns@MPLassociation.org

Cassie Knapp, Vice President of Marketing & Communications, MPL Association

301.947.9000, ext. 1218, orcknapp@MPLassociation.org

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND

INDUSTRY KEYWORD: GENERAL HEALTH PROFESSIONAL SERVICES HEALTH INSURANCE

SOURCE: The MPL Association

Copyright Business Wire 2022.

PUB: 12/15/2022 12:00 PM/DISC: 12/15/2022 12:01 PM

http://www.businesswire.com/news/home/20221215005313/en