Market Insights Financial Insurances Non-life insurances

Legal Insurance - ASEAN

ASEAN

The Legal Insurance market market in ASEAN is expected to witness a significant growth in the coming years.
By 2024, the market size, measured by the gross written premium, is projected to reach US$1.72bn.
This indicates a promising potential for the Legal Insurance market segment within the region.
Furthermore, the average spending per capita in the Legal Insurance market market is estimated to be US$2.49 in 2024.
This figure demonstrates the level of individual investment in Legal Insurance market coverage across in Association of Southeast Asian Nations (ASEAN).
Moving forward, the gross written premium is anticipated to exhibit a steady annual growth rate of 1.70% between 2024 and 2028 (CAGR 2024-2028).
As a result, the Legal Insurance market market volume is predicted to reach US$1.84bn by 2028.
This projection highlights the continuous expansion and development of the Legal Insurance market market in ASEAN.
In terms of global comparison, it is noteworthy that the United States is expected to generate the highest gross written premium in 2024, amounting to US$31,120.0m.
This statistic emphasizes the dominance and significance of the US market in the Legal Insurance market industry on a global scale.
In ASEAN, the legal insurance market is experiencing significant growth as individuals and businesses seek to protect themselves against increasing legal risks and costs.

Market

Region

Region comparison

Currency

Analyst Opinion

The Legal Insurance market in ASEAN is experiencing significant growth and development driven by various factors.

Customer preferences: Customers in the ASEAN region are increasingly recognizing the importance of legal insurance to protect themselves from potential legal expenses. With the rising awareness of legal rights and the complex legal landscape in some countries, individuals and businesses are seeking the security and peace of mind that legal insurance can provide.

Trends in the market: In Indonesia, there is a growing trend of individuals and small businesses opting for legal insurance to mitigate the high costs associated with legal disputes. The market is witnessing a shift towards affordable legal insurance products tailored to the needs of different customer segments. This trend is fueled by the increasing number of legal cases and the desire for financial protection.

Local special circumstances: In Thailand, the legal insurance market is influenced by the unique regulatory environment and the cultural perception of legal services. The presence of a large number of law firms offering diverse legal services has created a competitive market for legal insurance providers. Moreover, the Thai population's inclination towards seeking legal advice for various matters has contributed to the growth of the legal insurance sector.

Underlying macroeconomic factors: The economic growth and increasing disposable income in countries like Malaysia are driving the demand for legal insurance. As individuals and businesses accumulate wealth, they are more inclined to safeguard their assets through legal insurance coverage. The growing middle-class population and the expanding business landscape are key macroeconomic factors shaping the legal insurance market 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.