Legal Insurance - Eastern Asia | Statista Market Forecast

The Legal Insurance market market in Eastern Asia is expected to reach a projected market size (gross written premium) of US$20.46bn by 2024.
In the same year, the average spending per capita in the Legal Insurance market market is estimated to be US$12.52.
Furthermore, the gross written premium is predicted to have an annual growth rate (CAGR 2024-2029) of 4.02%, resulting in a market volume of US$24.91bn by 2029.
When compared globally, the United States is anticipated to generate the highest gross written premium in the Legal Insurance market market, reaching US$31.0bn in 2024.
In Eastern Asia, legal insurance is gaining popularity as individuals and businesses seek protection against rising legal costs and lawsuits.

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 Eastern Asia is witnessing significant growth and development.

Customer preferences: Customers in Eastern Asia are increasingly seeking legal insurance to protect themselves from potential legal expenses arising from various situations such as disputes, lawsuits, and legal consultations. The rising awareness about legal rights and the benefits of having insurance coverage for legal matters are driving the demand for legal insurance products in the region.

Trends in the market: In Japan, there is a growing trend of companies offering legal insurance as part of employee benefits packages to attract and retain talent in a competitive labor market. This trend is also observed in South Korea, where individuals are opting for legal insurance to safeguard their interests in an evolving legal landscape. In China, the market is experiencing a shift towards online legal insurance services, making it more convenient for customers to access and purchase policies.

Local special circumstances: In Taiwan, the legal insurance market is influenced by the government's initiatives to promote legal awareness and provide affordable legal services to the public. This has led to an increase in the adoption of legal insurance among individuals and businesses looking to mitigate legal risks. In Hong Kong, the market is driven by the demand for specialized legal insurance products tailored to the unique legal system and business environment of the region.

Underlying macroeconomic factors: The economic growth and increasing disposable income in Eastern Asia are contributing to the expansion of the legal insurance market. As individuals and businesses accumulate wealth, they are more inclined to protect their assets through legal insurance coverage. Additionally, the regulatory environment in the region is becoming more favorable towards legal insurance providers, encouraging new players to enter the market and offer innovative products to meet the evolving needs of customers.

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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