Legal Insurance - Ireland | Statista Market Forecast

The Legal Insurance market market in Ireland is projected to reach a market size (gross written premium) of US$34.63m in 2024.
The average spending per capita in the Legal Insurance market market is expected to amount to US$6.80 in 2024.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 1.17%, resulting in a market volume of US$36.70m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium of US$31.0bn in 2024.
Legal insurance in Ireland is experiencing a surge in demand as individuals seek to protect themselves against escalating 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 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.

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.