Legal Insurance - Iraq | Statista Market Forecast

The Legal Insurance market market in Iraq is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$18.39m.
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$0.40 in 2024.
This figure reflects the amount of money each individual in Iraq is expected to spend on Legal Insurance market services.
Looking ahead, the market is anticipated to experience an annual growth rate of -1.30% between 2024 and 2029, resulting in a market volume of US$17.22m by the end of 2029.
This growth signifies the increasing importance of Legal Insurance market in the country's insurance sector.
In comparison to other countries, the United States is expected to generate the highest gross written premium in the Legal Insurance market market, amounting to US$31.0bn in 2024.
This highlights the significant market size and potential of the Legal Insurance market industry the United States, surpassing that of Iraq and other countries globally.
Overall, the Legal Insurance market market in Iraq is poised for growth, driven by factors such as increasing awareness of legal risks and the need for financial protection in legal matters.
The projected market size and spending per capita indicate a positive outlook for the Legal Insurance market sector in the country.
Legal insurance is a growing trend in Iraq, as individuals and businesses seek protection against potential legal disputes and rising legal costs.

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 Iraq is experiencing significant growth and development.

Customer preferences: Customers in Iraq are increasingly recognizing the importance of legal insurance to protect themselves from unexpected legal expenses. With a growing awareness of legal rights and regulations, individuals and businesses are seeking insurance coverage to mitigate the financial risks associated with legal issues.

Trends in the market: One notable trend in the Legal Insurance market in Iraq is the increasing demand for specialized legal insurance products tailored to specific industries. As businesses in sectors such as oil and gas, construction, and finance face unique legal challenges, there is a rising need for insurance solutions that address these specific risks. This trend reflects a maturing market that is becoming more sophisticated in its offerings to meet diverse customer needs.

Local special circumstances: In Iraq, the legal landscape is complex and constantly evolving, creating a high demand for legal insurance products. The country's history of political instability and conflict has contributed to a rise in legal disputes, driving the need for insurance coverage. Additionally, the presence of multinational corporations operating in Iraq has further fueled the demand for legal protection, as these entities seek to safeguard their interests in a challenging legal environment.

Underlying macroeconomic factors: The economic growth and increasing foreign investment in Iraq are also key drivers of the development of the Legal Insurance market. As the country's economy expands and diversifies, businesses are looking to secure their operations and investments through legal insurance. The stability and growth of the economy play a crucial role in shaping the demand for legal insurance products, as businesses seek to manage risks and ensure continuity in an evolving market environment.

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.