Medical Professional Liability Insurance - Years of Plenty, Years of Famine
Conning: What’s the Next Chapter in the Medical Professional Liability Story?
HARTFORD, CT – June 2, 2020 – “The MPL industry is going through a challenging time. COVID-19 notwithstanding, changes in health care are directly impacting the MPL industry,” said Bill Burns, a Director, Insurance Research at Conning. “Each segment of the MPL market presents its own unique challenges and opportunities. While most insurers appear financially stable, smaller reserve redundancies, rising loss ratios and a highly competitive market could affect this stability. If they have not already done so, companies have to ask and answer some tough questions on their strategy for success.”
The Conning study, “Medical Professional Liability Insurance – Years of Plenty, Years of Famine” explores the four sectors of the MPL market—physicians, hospitals, other professionals, and other facilities. Based on publicly available financial information, trends in health care, and insights provided by industry professionals, we provide a prognosis of each sector that gives a view on their long-term attractiveness to MPL insurers.
“The medical professional liability market is a function of the health care market, and the latter has been undergoing seismic changes that are directly altering the MPL market,” said Steve Webersen, Head of Insurance Research at Conning. “The number of physicians that independently purchase MPL insurance is shrinking. Hospitals are morphing into larger health care systems that no longer purchase MPL the same way it was purchased in the past. Meanwhile, health care is more frequently being delivered in non-hospital settings by nonphysician providers that also need MPL coverage.”
“Medical Professional Liability Insurance – Years of Plenty, Years of Famine” is available for purchase from Conning by calling (888) 707-1177 or by visiting www.conningresearch.com.
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Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.
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