General Liability Insurance - Israel

The General Liability Insurance market market in Israel is projected to reach a market size (gross written premium) of US$1.36bn in 2024.
The average spending per capita in the General Liability Insurance market market is expected to amount to US$145.70 in 2024.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 4.47%, resulting in a market volume of US$1.69bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium in the General Liability Insurance market market, reaching US$178.4bn in 2024.
In Israel, the General Liability Insurance market is experiencing a surge in demand due to increased awareness of legal risks among businesses.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

Over the past few years, the General Liability Insurance market in Israel has shown significant growth and development.

Customer preferences: Customers in Israel are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from potential risks and lawsuits. They are looking for policies that not only meet the legal requirements but also provide additional coverage for various liabilities that may arise in the course of their operations.

Trends in the market: One noticeable trend in the General Liability Insurance market in Israel is the growing awareness among businesses about the importance of having adequate coverage. This trend is driven by an increase in litigation cases and a rise in the overall business activity in the country. As a result, insurance providers are offering more tailored solutions to meet the specific needs of different industries, such as construction, manufacturing, and services.

Local special circumstances: In Israel, the General Liability Insurance market is influenced by the unique geopolitical situation of the region. The country's location and its political environment can lead to specific risks that businesses need to consider when purchasing insurance coverage. As a result, insurance companies operating in Israel need to have a deep understanding of the local market dynamics to provide effective risk management solutions to their clients.

Underlying macroeconomic factors: The growth of the General Liability Insurance market in Israel can also be attributed to the overall economic stability and growth of the country. As the economy continues to expand, businesses are looking to protect their assets and operations from potential liabilities, driving the demand for insurance products. Additionally, regulatory changes and compliance requirements are also playing a role in shaping the General Liability Insurance market in Israel, as businesses strive to meet the evolving legal standards and regulations.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.