MPL Market Dynamics
Overview
Medical professional liability (MPL) insurance has been in a soft market cycle since 2005. Soft markets are generally characterized by widely available coverage, “loose” policy terms, and a lot of price-based competition.
However, in a hard market cycle, insurance becomes less available, policy conditions tighten, and premiums increase to stabilize reserves.
Due to the long-tail nature of medical malpractice claims that may take years to resolve, an insurer's long-term financial health is of utmost importance to insureds. ProAssurance was founded in response to the first hard market in 1975, providing stability for our insureds during the next three hard market cycles in the 1980s, 1990s, and early 2000s.
Our MPL Industry Market Dynamics Report outlines key drivers of the MPL market and is a great resource for your sales conversations around hard and soft market cycles and nationwide trends.
