Best’s News & Research Service - June 14, 2024 10:07 AM (EDT)
Best's Rankings: Berkshire Hathaway Insurance Tops List of MPL Writers, Based on Claims Made
OLDWICK, N.J. //BestWire// - Berkshire Hathaway Insurance is the top writer of medical professional liability, based on claims made, with $1.30 billion of direct premiums written in 2023, despite a 0.2% decrease in premiums, according to a new Best's Rankings report.
Doctors Co. Insurance Group remained in second after a 4.4% increase to $822.4 million in DPW, according to the report.
Third-ranked ProAssurance Group saw a decrease of 1.9% to $635.1 million in DPW. In all, three top-five companies and nine of the top-25 insurers saw decreases, according to the report.
A 0.2% decrease to $458.8 million in DPW was enough to drop MCIC Vermont from fourth to fifth. It swapped places with MAG Mutual Cos., which moved up after an 18.9% increase in premiums to $503.8 million in DPW.
The largest decrease in the top-10 was 5.4% for seventh-ranked Coverys Cos., which produced $341.0 million in DPW in 2023. Coverys maintained its ranking from last year despite the decrease.
Overall, the industry saw a 0.9% increase to $9.40 billion.
The report measures 2023 DPW for the top writers of medical professional liability insurance, based on claims made. A claims-made policy covers those events that occur and are reported while the policy is in effect.
The information for each company or group in this study also includes market share and adjusted loss ratios for 2023, as well as medical professional liability as a percentage of the company’s total premiums.
Subscribers to Best’s News and Research Service can download the report at no charge, including full data in spreadsheet format.
Subscribers can access the report and data here.
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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)