Legal Insurance - Belgium | Statista Market Forecast

The Legal Insurance market market in Belgium is expected to reach a gross written premium of US$698.10m in 2024.
This translates to an average spending per capita of US$59.59 in the same year.
It is projected that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of -0.06%, leading to a market volume of US$695.90m by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium of US$31.0bn in 2024.
In Belgium, the legal insurance market is experiencing a surge in demand due to the increasing complexity of the country's legal system.

Definition:

Legal insurance is a type of coverage that provides individuals and organizations with financial support for legal expenses. When you have legal insurance, you pay regular premiums, and in return, the insurer helps cover the costs of legal services, such as attorney fees and court-related expenses. This insurance is designed to make legal assistance more accessible and affordable, ensuring that policyholders have the necessary support when they encounter legal issues or require legal advice.

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.

Before-the-event legal protection insurance
After-the-event legal protection insurance

All other insurance types, such as life insurance and health insurance
Reinsurance

The Legal Insurance market in Belgium has been experiencing significant growth and development in recent years. Customer preferences in Belgium show a clear inclination towards seeking legal protection and assistance through insurance policies. With the increasing complexity of legal matters and the high costs associated with legal services, customers are turning to legal insurance to safeguard their interests and mitigate financial risks in case of legal disputes. Trends in the market indicate a rise in demand for specialized legal insurance products tailored to the unique legal landscape in Belgium. Customers are seeking coverage for a wide range of legal issues, including civil, criminal, and administrative matters. Insurers are responding to this demand by offering comprehensive legal insurance policies that cater to the specific needs of Belgian consumers. Local special circumstances in Belgium, such as the country's civil law system and the prevalence of multilingualism, play a significant role in shaping the Legal Insurance market. The legal system in Belgium differs from common law jurisdictions, influencing the types of legal insurance products that are popular among consumers. Additionally, the linguistic diversity in the country necessitates insurance providers to offer services in multiple languages to effectively communicate with policyholders. Underlying macroeconomic factors, such as the overall stability of the Belgian economy and the increasing awareness of legal rights among consumers, contribute to the growth of the Legal Insurance market. As the economy continues to grow, more individuals and businesses are seeking legal protection, driving the demand for legal insurance products. Moreover, the rising awareness of legal issues and the importance of legal representation further fuel the expansion of the market in Belgium.

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.

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