Market Insights Financial Insurances Non-life insurances

Legal Insurance - Singapore

Singapore

The Legal Insurance market market in Singapore is expected to reach a market size (gross written premium) of €20.27m in 2024.
The average spending per capita in the Legal Insurance market market is projected to amount to €3.35 in the same year.
Furthermore, it is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 4.12%, leading to a market volume of €24.81m by 2029.
In comparison to other countries worldwide, the United States is forecasted to generate the highest gross written premium in the Legal Insurance market market, amounting to €28,480,000.0k in 2024.
Singapore is experiencing a growing demand for legal insurance as individuals and businesses seek protection against rising legal costs.

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Analyst Opinion

The Legal Insurance market in Singapore has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Singapore are increasingly recognizing the importance of legal insurance in safeguarding their interests and mitigating risks associated with legal disputes. With the growing complexity of legal issues in various aspects of life, individuals and businesses are turning to legal insurance to ensure they have access to legal assistance when needed.

Trends in the market: One prominent trend in the Singaporean Legal Insurance market is the rise of customizable insurance plans tailored to the specific needs of different customer segments. Insurers are offering flexible coverage options that cater to varying requirements, such as personal legal protection, business legal assistance, and specialized legal services. This trend reflects the evolving demands of customers seeking comprehensive legal coverage.

Local special circumstances: Singapore's position as a regional financial and business hub has contributed to the expansion of the Legal Insurance market in the country. The presence of multinational corporations, high-net-worth individuals, and a diverse population with varying legal needs has created a fertile ground for legal insurance providers to offer a wide range of products and services. Additionally, Singapore's robust regulatory framework and legal system have instilled confidence in consumers regarding the efficacy of legal insurance in the country.

Underlying macroeconomic factors: The stable economic environment and increasing disposable income levels in Singapore have bolstered the demand for legal insurance among individuals and businesses. As the country continues to attract foreign investments and foster entrepreneurship, the need for legal protection against potential risks and liabilities has become more pronounced. Moreover, the government's initiatives to promote legal awareness and access to justice have further stimulated the growth of the Legal Insurance market in Singapore.

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.