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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%

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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.

Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.

Subscribers can access the report and data here.

Learn more about Best’s News and Research Service.

AM Best data sourced from Best’s Financial Suite, US.

(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)


Commercial Lines Best's Rankings Medical Malpractice Liability Insurance


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