Best’s News & Research Service - June 14, 2024 10:02 AM (EDT)
Best's Rankings: Medical Professional Liability (Occurrence) Direct Premiums Written up 5.3%
OLDWICK, N.J. //BestWire// - The adjusted loss ratio for U.S. medical professional liability underwriters averaged 48.6% based on occurrence for policies covering any event that occurred while the policy was in effect regardless of when it was reported, according to a new Best's Ranking. Total direct premiums increased 5.3% to $2.78 billion in 2023.
The top five insurers remained the same year-over-year, led by Berkshire Hathaway Insurance, according to the report. Berkshire Hathaway reported a 5.0% increase in DPW to $876.4 million. Its adjusted loss ratio was 44.3%, up from 43.1% a year earlier.
The largest increase in DPW among the top-10 insurers belonged to MAG Mutual Cos., which used a 37.0% increase to $77.4 million, to jump from 10th to seventh in the rankings. Its adjusted loss ratio improved to 31.9% from 67.1% a year earlier.
It traded places with ProAssurance Group, which saw the largest DPW decrease among the top 10 insurers. ProAssurance's 18.3% decrease dropped it to $56.8 million, according to the report. The insurer's adjusted loss ratio dropped below 100, to 94.6%. It remained the highest in the top-10.
The report measures 2023 DPW, change in premiums, market share, adjusted loss ratios and percentage of company premiums.
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AM Best data sourced from Best’s Financial Suite, US.
(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)