Legal Insurance - Israel

Israel

Highlights

The Legal Insurance market market in Israel is expected to experience significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$24.76m in 2024.
This indicates a positive trend in the demand for Legal Insurance market services within the country.
Furthermore, the average spending per capita in the Legal Insurance market market is estimated to be US$2.66 in 2024.
This metric provides insight into the individual financial commitment towards Legal Insurance market coverage and highlights the importance of this type of protection in Israel.
Looking ahead, the market is projected to exhibit a robust annual growth rate of -9.26% from 2024 to 2029, as measured by the compound annual growth rate (CAGR).
This growth trajectory is anticipated to drive the market volume to reach US$15.23m by 2029, reflecting a substantial expansion in the Legal Insurance market sector.
In a global context, it is worth noting that 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 statistic emphasizes the significant market presence and economic importance of the United States in the Legal Insurance market industry.
The demand for legal insurance in Israel is increasing as individuals seek protection against rising legal costs.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Legal Insurance market in Israel has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Israel are increasingly recognizing the importance of legal insurance to protect themselves from unexpected legal costs. With a growing awareness of legal rights and responsibilities, individuals and businesses are seeking ways to mitigate the financial risks associated with legal disputes. As a result, there is a rising demand for legal insurance products that offer coverage for a wide range of legal expenses.

Trends in the market: One notable trend in the Legal Insurance market in Israel is the expansion of product offerings to cater to different customer segments. Insurers are introducing specialized legal insurance packages tailored to the needs of specific industries or professions. This trend reflects a growing emphasis on customization and flexibility in legal insurance coverage, allowing customers to choose plans that align with their unique requirements. Another trend shaping the market is the increasing adoption of digital technologies in legal insurance services. Insurers in Israel are leveraging digital platforms to streamline the claims process, enhance customer experience, and improve operational efficiency. By offering online portals and mobile apps, insurance companies are making it easier for customers to access legal services and manage their policies conveniently.

Local special circumstances: In Israel, the Legal Insurance market is influenced by the country's unique legal landscape and regulatory environment. The complex nature of Israeli laws and regulations has created a demand for specialized legal expertise, driving the need for comprehensive legal insurance coverage. Additionally, the cultural emphasis on safeguarding against potential risks has contributed to the growing popularity of legal insurance among individuals and businesses in Israel.

Underlying macroeconomic factors: The growth of the Legal Insurance market in Israel is also supported by favorable macroeconomic conditions, such as a stable economy and increasing disposable income levels. As the country continues to attract foreign investments and foster entrepreneurship, there is a growing need for legal protection and risk management solutions. This economic stability and business growth provide a conducive environment for the expansion of the legal insurance sector in Israel.

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.