The medical industry poses great liability risks because doctors and hospital staff deal with lives everyday. Having Liability Insurance is imperative for these institutions to protect themselves from legal complaints from third parties and the financial burden that comes along with such a situation.

This news article released in 2014 about a malpractice complaint has caused alarm for hospitals and explains the importance of securing Liability Insurance for physicians and regular hospital staff.Blog_-_fact_1

With medical malpractice complaints on a steady rise since 2010, physicians in Hong Kong have lost access to patients and ultimately lose professional credibility.  The country has one of the best public and private health care facilities in the world yet this does not exclude them risks.

This type of insurance is more specifically called Medical Malpractice Insurance. It covers medical practitioners against costs of a civil suit or loss of earnings following instances of libel and slander on the doctor’s practice. It indemnifies them from medical errors that may result in serious injury and even death.Blog_-_fact_2The figure below shows the current structure for filing and resolving medical malpractice complaints. It is still considered a “chaotic” one according to both health professionals and patients; which is why the ongoing healthcare reform has been deemed a critical political necessity since it began in 2008.Blog_-_body_2

The challenge for physicians and hospitals…

The current medical malpractice complaint system has been challenging because it has not been able to provide insurance providers with accurate data for them to fine tune their insurance offers to this specific liability. The reform which still needs to be refined and approved adds to the current lack of coverage and the steadily rising cost of liability insurance premiums.

If the Hong Kong government pushes to call for a wider range of malpractice coverage, as well as providing for more care options, would spread the risk pool wider making the proposition of covering medical professional indemnity risks much more attractive for Hong Kong Insurers.

If you have any questions about Liability Insurance, send us a message on our Contact page or if you have Whatsapp, send your message to +852-6532-4047 (Whatsapp only)