Legal Insurance - Egypt | Statista Market Forecast

The Legal Insurance market market in Egypt is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is projected to reach US$7.30m in 2024.
This indicates a positive trend in the demand for Legal Insurance market services in the country.
Furthermore, the average spending per capita in the Legal Insurance market market is estimated to be US$0.06 in 2024.
This metric provides insights into the level of individual investment in Legal Insurance market coverage, highlighting the importance that Egyptians place on protecting their legal interests.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 5.38%.
This growth trajectory is expected to propel the market volume to US$9.49m by 2029.
These figures indicate a promising future for the Legal Insurance market sector in Egypt, with a significant expansion in the market size.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, amounting to US$31.0bn.
This showcases the dominance of the US market in the Legal Insurance market industry, while also highlighting the potential for growth and development in Egypt's own Legal Insurance market market.
Legal insurance in Egypt is experiencing a surge in demand as individuals and businesses seek protection against potential legal challenges in an increasingly complex legal landscape.

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 Egypt is experiencing significant growth and development.

Customer preferences: Customers in Egypt are increasingly recognizing the importance of legal insurance in safeguarding their interests and assets. With rising awareness about legal risks and the benefits of insurance coverage, there is a growing demand for legal insurance products among individuals and businesses in the country.

Trends in the market: One notable trend in the Egyptian Legal Insurance market is the expansion of product offerings to cater to diverse customer needs. Insurance providers are introducing specialized legal insurance packages tailored for different sectors such as real estate, healthcare, and small businesses. This trend reflects the market's response to the evolving legal landscape and the demand for comprehensive coverage.

Local special circumstances: In Egypt, the legal system is undergoing reforms to enhance transparency and efficiency, creating a more favorable environment for legal insurance providers. As the regulatory framework evolves, insurance companies are seizing the opportunity to offer innovative products that address the specific legal challenges faced by individuals and businesses in the country.

Underlying macroeconomic factors: The growth of the Legal Insurance market in Egypt is also influenced by macroeconomic factors such as economic stability and income levels. As the economy continues to grow and disposable incomes rise, more individuals and businesses are willing to invest in legal insurance to protect their assets and mitigate legal risks. Additionally, the increasing digitization of legal services is making insurance products more accessible and affordable for a broader segment of the population.

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.