Medical Professional Liability Insurance Market to Reach $33.7B by 2031

The global medical professional liability insurance market was valued at $12.5 billion in 2021 and is projected to reach $33.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.8%. The Asia-Pacific region is expected to experience the fastest growth, with a CAGR of 14.1% through 2031. Increased internet usage during the COVID-19 pandemic supported the rise of online insurance product distribution. Technological advancements have driven automation in claims underwriting, promoting wider adoption among healthcare professionals. Misdiagnosis or delayed diagnosis represented the largest category of claims in 2021, while surgical errors are projected to grow fastest at a CAGR of 15.2%. Insurance policies covering $1 million to $5 million made up the largest market segment, with higher coverage policies from $5 million to $20 million expected to grow at 14.9%.