Market Insights Financial Insurances Non-life insurances

Legal Insurance - Jordan

Jordan

The Legal Insurance market market in Jordan is expected to reach a projected market size (gross written premium) of US$7.35m in 2024.
The average spending per capita in the Legal Insurance market market is estimated to be US$0.65 in the same year.
The market is expected to demonstrate an annual growth rate (CAGR 2024-2028) of -2.07%, resulting in a market volume of US$6.76m by 2028.
When compared globally, the United States is anticipated to generate the highest gross written premium, amounting to US$31,120.0m in 2024.
The legal insurance market in Jordan is experiencing a growing demand due to the increasing complexity of legal issues faced by individuals and businesses.

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Analyst Opinion

The Legal Insurance market in Jordan is experiencing steady growth and development. Customer preferences in the Legal Insurance market in Jordan are shifting towards seeking comprehensive coverage for legal expenses, including court fees, attorney fees, and other related costs. Customers are increasingly looking for tailored insurance solutions that can provide them with financial protection in case of legal disputes or issues. Trends in the market indicate a rise in the number of insurance companies offering legal insurance products in Jordan. This trend is driven by the increasing awareness among individuals and businesses about the importance of having legal protection. Moreover, the growing complexity of legal systems and regulations is also contributing to the demand for legal insurance in the country. Local special circumstances in Jordan, such as the evolving legal landscape and the rise in litigation cases, are influencing the development of the Legal Insurance market. As the legal environment becomes more intricate, individuals and businesses are recognizing the need for insurance coverage to safeguard their interests and mitigate potential risks. Underlying macroeconomic factors, including the overall economic stability and the increasing disposable income levels in Jordan, are also playing a role in the growth of the Legal Insurance market. As the economy continues to expand and individuals have more financial resources at their disposal, the demand for legal insurance as a protective measure is expected to increase further.

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.