Kathmandu. The Asia-Pacific region is expected to lead the world’s medical liability insurance market.
Allied Market Research recently released its study report. The Asia Pacific region is projected to grow at an average of 14.1 per cent annually from 2021 to 2031 in the medical occupational liability insurance market.
Globally, the insurance market was valued at $12.5 billion in 2021. It is estimated to reach $33.7 billion by 2031. In the world, this represents an annual average growth rate of 10.8 percent from 2022 to 2031.
Corona infection has had a moderate impact on the medical liability insurance market. Due to the increase in internet usage during the lockdown, the online distribution of insurance products was taken forward.
The automation of the insurance claim underwriting process has also increased. Recent technological advances are expected to intensify the demand for this insurance among healthcare professionals.
In 2021, the share of misdiagnosis or late diagnosis in insurance claims was the largest. While surgery errors are expected to register a rapid growth of an annual average of 15.2 percent by 2031.
In terms of insurance coverage, the demand for policies priced between $1 million and $5 million is the highest. While demand for policies between $5 million and $2 million is expected to grow at an average rate of 14.9 percent annually.
