![pra.com bannersUPDATED9](https://508142.fs1.hubspotusercontent-na1.net/hub/508142/hubfs/ProAssurance%202024%20-%20Main%20Site/Banners/pra.com%20bannersUPDATED9.jpg?width=300&name=pra.com%20bannersUPDATED9.jpg)
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.
SOURCES
- February 2019 – Texas DOI appoints a rehabilitator for Capson Physicians Insurance Company
- June 2019 – Texas DOI orders liquidation of Capson
- August 2019 – Kansas DOI appoints a rehabilitator for Physicians Standard Insurance Company
- September 2019 – Multiline commercial carrier One Beacon announces it will exit the MPL line
- October 2019 – Swiss Re, a multiline commercial carrier, exits the MPL line
- November 2019 – Kansas DOI orders liquidation of Physicians Standard Insurance Company
- August 2020 – QBE, a multiline commercial carrier, exits the MPL line
- October 2020 – Multiline commercial carrier Zurich exits the MPL line
- November 2020 – Reports show the acquisition of WVMIC by MagMutual
- February 2021 – Vermont DOI appoints a rehabilitator for Emergency Physicians Insurance eXchange RRG
- May 2021 – ProAssurance finalizes acquisition of NORCAL Group
- December 2021 – Coverys Syndicate 1975 announces it will be placed into run-off at the end of 2022
- March 2022 – Constellation announces acquisition of Michigan Professional Insurance Exchange
- January 2023 – MagMutual Insurance finalizes acquisition of MDAdvantage Insurance
- October 2023 – Constellation and Curi Holdings complete merger
- October 2023 – Integris Group to Acquire MedMal Direct Insurance Company
- $183M: Philadelphia, PA
- $165M: New York, NY
- $111M: St. Cloud, MN
- $97M: Iowa City, IA
- $82M: Tulsa, OK
- $80M: New York, NY
- $77M: Dekalb County, GA
- $75M: Roswell, GA
- $69M: Tampa, FL
- $52M: Albuquerque, NM
- $49M: Park Ridge, IL
- $47M: Las Vegas, NV
- $45M: Chicago, IL
- $44M: Philadelphia, PA
- $42M: Chicago, IL
- $40M: Mattoon, IL
- $35M: Mobile, AL
- $35M: Evanston, IL
- $34M: Springfield, MO
- $34M: Towson, MD
- $31M: Sacramento, CA
- $30M: Lawrenceville, GA
- $29M: Marysville, CA
- $29M: New York, NY
- $27M: Polk County, IA
- $27M: Spokane, WA
- $26M: Fontana, CA
- $26M: Wilkes-Barre, PA
- $25M: Kansas City, MO
- $21M: Montgomery, AL
- $21M: Bowling Green, KY
- $21M: Dallas, TX
- $21M: Essex County, NJ
- $20M: Oak Lawn, IL
- $20M: Philadelphia, PA
- $20M: Lowell, MA
- $19M: Bayfield County, WI
- $18M: Norman, OK
- $18M: West Chester, PA
- $18M: Charleston, WV
- $17M: Canton, MI
- $16M: Melbourne, FL
- $16M: Beaver County, PA
- $14M: Los Angeles, CA
- $14M: Bethesda, MD
- $14M: Ada County, ID
- $13M: Westport, CT
- $13M: Bel Air, MD
- $12M: Orlando, FL
- $12M: Beaumont, TX
- $11M: Miami, FL
- $11M: Crown Point, IN
- $11M: Cobb County, GA
- $10M: Dallas, TX