Market Insights Financial Insurances Non-life insurances

Legal Insurance - Australia

Australia

The Legal Insurance market market in Australia is expected to witness significant growth in the coming years.
According to projections, the market size, measured by the gross written premium, is anticipated to reach AU US$0.58bn by 2024.
This indicates a positive trajectory for the industry.
In terms of individual spending, the average per capita expenditure in the Legal Insurance market market is estimated to be AU US$21.59 in 2024.
This demonstrates the value that Australians place on legal protection and highlights the importance of this market segment in the country.
Furthermore, the Legal Insurance market market is expected to experience steady growth over the period from 2024 to 2028, with an annual growth rate (CAGR) of 1.68%.
This growth is projected to result in a market volume of AU US$0.62bn by 2028.
These figures highlight the potential for sustained expansion within the Australian Legal Insurance market sector.
It is worth noting that, in a global context, the United States is anticipated to generate the highest gross written premium in the Legal Insurance market market.
With projected figures of US$31,120.0m in 2024, the US remains a dominant player in this industry.
Overall, the Legal Insurance market market in Australia is poised for growth, showcasing its significance in providing legal protection and highlighting the country's commitment to safeguarding individuals and businesses.
The legal insurance market in Australia is experiencing significant growth due to increased awareness of the benefits of having legal protection.

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Analyst Opinion

The Legal Insurance market in Australia is experiencing a significant growth trajectory.

Customer preferences: Customers in Australia are increasingly valuing the peace of mind and financial protection that legal insurance provides. With the rising awareness of legal risks and the high costs associated with legal services, individuals and businesses are turning to legal insurance to safeguard their interests.

Trends in the market: One prominent trend in the Australian Legal Insurance market is the diversification of product offerings. Insurance providers are introducing tailored legal insurance packages to cater to the specific needs of different customer segments. Additionally, there is a growing trend towards digitalization in the industry, with online platforms making it easier for customers to access and manage their legal insurance policies.

Local special circumstances: Australia's unique regulatory environment and legal system play a crucial role in shaping the Legal Insurance market. The country's strict regulations and complex legal landscape create a demand for specialized legal insurance products that can navigate the intricacies of the Australian legal system. Moreover, the cultural emphasis on risk management and protection further drives the adoption of legal insurance among Australians.

Underlying macroeconomic factors: The overall economic stability and growth in Australia contribute to the positive outlook for the Legal Insurance market. As the economy expands, individuals and businesses are more willing to invest in comprehensive legal insurance coverage to shield themselves from potential legal challenges. Additionally, the increasing competition among insurance providers and the growing awareness of legal insurance options are fueling market expansion in Australia.

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.