Market Insights Financial Insurances Non-life insurances

Legal Insurance - Southern Europe

Southern Europe

The Legal Insurance market market in Southern Europe is expected to reach a projected gross written premium of €1.94bn in 2024.
The average spending per capita in the Legal Insurance market market is estimated to be €8.19 in 2024.
Over the period of 2024 to 2028, the gross written premium is forecasted to grow at an annual growth rate of 2.00%, resulting in a market volume of €2.10bn by 2028.
When compared globally, the United States is projected to generate the highest gross written premium of €28,860.0m in 2024.
In Southern Europe, legal insurance is becoming increasingly popular as individuals seek protection against rising legal costs and complex legal systems in countries like Italy, Spain, and Greece.

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Región

Comparación de regiones

Moneda

Analyst Opinion

In Southern Europe, the Legal Insurance market is experiencing significant growth and evolution.

Customer preferences: Customers in Southern Europe are increasingly recognizing the value of legal insurance as a means to protect themselves from unexpected legal expenses. With a growing awareness of legal rights and an emphasis on financial security, individuals and businesses are turning to legal insurance to mitigate potential risks. This shift in customer preferences is driving the demand for legal insurance products in the region.

Trends in the market: In Spain, there is a noticeable trend towards bundled insurance packages that include legal coverage as part of a comprehensive offering. This approach appeals to customers seeking convenience and cost-effectiveness in managing their insurance needs. Additionally, Italy is seeing a rise in demand for specialized legal insurance tailored to specific industries such as healthcare and technology. This trend reflects the increasing complexity of legal issues faced by businesses in these sectors.

Local special circumstances: In Portugal, the legal insurance market is influenced by regulatory changes that are promoting transparency and consumer protection. As a result, insurance providers are adapting their products and services to comply with the new requirements while enhancing customer trust. This unique regulatory environment is shaping the competitive landscape and driving innovation in legal insurance offerings.

Underlying macroeconomic factors: The economic recovery in Southern Europe is playing a crucial role in the development of the legal insurance market. As disposable incomes rise and business activities expand, there is a greater need for legal protection against potential liabilities. This economic stability is fostering confidence among consumers and businesses, leading to a higher uptake of legal insurance products across the region. Overall, the Legal Insurance market in Southern Europe is undergoing a transformation driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, insurance providers are adapting their strategies to meet the growing demand for legal protection in the region.

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.