Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Southern Europe

Southern Europe

The market size of the General Liability Insurance market market in Southern Europe is projected to reach €7.77bn in 2024.
The average spending per capita in the General Liability Insurance market market is estimated to be €32.85 in 2024.
It is expected that the gross written premium will grow at an annual rate of 4.29% from 2024 to 2028, resulting in a market volume of €9.19bn by 2028.
In comparison to other countries worldwide, the United States is anticipated to generate the highest gross written premium, amounting to €166.7bn in 2024.
In Southern Europe, the General Liability Insurance market in Spain is experiencing a surge in demand due to increased awareness of potential risks and the need for financial protection.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The General Liability Insurance market in Southern Europe is experiencing significant growth and development. Customer preferences in the General Liability Insurance market in Southern Europe are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking tailored solutions that address their specific needs and offer flexibility in coverage. Trends in the market indicate a rise in demand for General Liability Insurance products in Southern Europe, driven by an increasing awareness of potential liabilities among businesses. As companies strive to protect themselves from unforeseen events and lawsuits, the market is witnessing a surge in the adoption of liability insurance policies. Local special circumstances, such as regulatory changes and legal developments, are influencing the General Liability Insurance market in Southern Europe. Insurers in the region are adapting their offerings to comply with evolving regulations and cater to the unique requirements of local businesses. This dynamic environment is shaping the competitive landscape and driving innovation in product development. Underlying macroeconomic factors, including economic growth and stability in Southern Europe, are also contributing to the growth of the General Liability Insurance market. As businesses expand and diversify their operations, the need for comprehensive liability coverage becomes more pronounced. The overall economic climate in the region is fostering a favorable environment for insurance providers to offer innovative solutions and attract a growing customer base.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.