Best's Rankings: US Medical Professional Liability (Total) 2024 DPW Rose 5.4%
OLDWICK, N.J. //BestWire// - The U.S. medical professional liability market's total 2024 direct premiums written rose 5.4% to $13.02 billion as a number of underwriters reported triple-digit and double-digit increases for the year.
The top six insurers maintained their ranks from their previous year as the same writers occupied the top 10 list.
Top-ranked Berkshire Hathaway Insurance saw its DPW rise 1.8% to $2.21 billion. At No. 2, The Doctors Co. Insurance Group's DPW rose 5.0% to $1.27 billion. For third-ranked CNA Insurance Cos., DPW rose 8.5% to $757.2 million.
Seventh-ranked Liberty Mutual Insurance Cos. had the biggest DPW increase among the top 10 as it rose 18.9% to $454.8 million.
Among the top 100 writers, two insurers posted triple-digit percentage increases in DPW for 2024 — Core Specialty Insurance Group and AU Holding Co. Group.
Church Mutual Insurance Group, which fell to No. 85 from No. 57 in terms of DPW, saw the greatest percentage MPL decrease in 2024, down 44.3% to $17.8 million.
The Best's Ranking measured 2024 DPW; percentage of change in premiums; market share and adjusted loss ratios for 2024, 2023 and 2022; and MPL as a percentage of company premiums.
Subscribers can access the report and data here.
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AM Best data sourced from Best's Financial Suite, US.
(By David Pilla, news editor, BestWire: David.Pilla@ambest.com)