Market Insights Financial Insurances Non-life insurances

Legal Insurance - South Korea

South Korea

The Legal Insurance market market in South Korea is expected to reach a market size (gross written premium) of €0.65bn in 2024.
In the same year, the average spending per capita in the Legal Insurance market market is projected to be €12.53.
Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -0.62%, resulting in a market volume of €0.63bn by 2029.
When comparing globally, the United States is projected to generate the highest gross written premium with a value of €28,780,000.0k in 2024.
The Legal Insurance market market in South Korea is a significant segment within the insurance industry.
South Korea's legal insurance market is experiencing a surge in demand due to increasing awareness of the importance of legal protection among individuals and businesses.

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Analyst Opinion

The Legal Insurance market in South Korea has been witnessing significant growth and evolution in recent years.

Customer preferences: Customers in South Korea are increasingly recognizing the importance of legal insurance in safeguarding their interests and assets. With the growing awareness of legal rights and the complexities of the legal system, individuals and businesses are seeking comprehensive legal insurance coverage to mitigate potential risks and uncertainties.

Trends in the market: One notable trend in the South Korean Legal Insurance market is the rise of tailored insurance products to meet the specific needs of different customer segments. Insurers are offering specialized legal insurance packages for various industries and legal issues, catering to the diverse requirements of clients. Additionally, there is a growing demand for online legal insurance services, providing customers with convenient access to legal assistance and information.

Local special circumstances: South Korea's unique legal landscape, characterized by a mix of traditional Confucian values and modern legal frameworks, influences the development of the legal insurance market. The country's emphasis on compliance and risk management drives the adoption of legal insurance among businesses, ensuring legal protection and regulatory compliance. Moreover, the increasing number of legal disputes and litigations in South Korea is prompting individuals to seek legal insurance coverage for peace of mind and financial security.

Underlying macroeconomic factors: The growth of the Legal Insurance market in South Korea is also supported by favorable macroeconomic conditions. As the economy continues to expand and businesses become more globalized, the need for comprehensive legal protection is becoming paramount. Furthermore, government initiatives to enhance legal infrastructure and promote access to justice contribute to the overall development of the legal insurance sector in the country.

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.