Market Insights Financial Insurances Non-life insurances

Legal Insurance - Ireland

Ireland

The Legal Insurance market market in Ireland is projected to reach a market size (gross written premium) of US$32.16m in 2024.
The average spending per capita in the Legal Insurance market market is expected to amount to US$6.32 in 2024.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2028) of -4.96%, resulting in a market volume of US$26.24m by 2028.
When compared globally, the United States is expected to generate the highest gross written premium of US$31,120.0m in 2024.
Legal insurance in Ireland is experiencing a surge in demand as individuals seek to protect themselves against escalating legal costs.

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Analyst Opinion

The Legal Insurance market in Ireland is experiencing steady growth and development.

Customer preferences: Customers in Ireland are increasingly seeking legal insurance coverage to protect themselves from unexpected legal expenses. With the rising costs of legal services, individuals and businesses are opting for legal insurance to ensure they have access to legal assistance when needed.

Trends in the market: One notable trend in the Legal Insurance market in Ireland is the increasing demand for specialized legal coverage. As various industries face unique legal challenges, there is a growing need for tailored insurance policies that cater to specific legal issues. This trend is driving insurance providers to offer customized legal insurance products to meet the diverse needs of customers in Ireland.

Local special circumstances: In Ireland, the legal landscape is evolving with new regulations and compliance requirements across different sectors. This dynamic environment is influencing the Legal Insurance market as businesses and individuals seek comprehensive coverage to navigate the complex legal requirements. Additionally, the growing awareness of legal rights and responsibilities is prompting more individuals to invest in legal insurance for added protection.

Underlying macroeconomic factors: The economic stability and growth in Ireland are contributing to the expansion of the Legal Insurance market. As the economy continues to grow, businesses are looking to safeguard their interests through legal insurance coverage. Moreover, the increasing focus on risk management and legal compliance is driving the demand for legal insurance among corporations and individuals alike. The overall positive economic outlook in Ireland is creating a conducive environment for the growth of the Legal Insurance market.

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.