Legal Insurance - Malta | Statista Market Forecast

The Legal Insurance market market in Malta is expected to witness significant growth in the coming years.
According to projections, the market size in terms of gross written premium is set to reach US$4.99m by 2024.
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$9.30 in 2024.
This figure highlights the value individuals are willing to invest in protecting their legal rights and interests.
Looking ahead, the Legal Insurance market market is expected to maintain a steady growth rate.
The annual growth rate, also known as the compound annual growth rate (CAGR), is forecasted to be -1.17% for the period of 2024-2029.
This growth trajectory is projected to result in a market volume of US$4.71m by 2029.
In terms of global comparison, it is worth noting that the United States is anticipated to generate the highest gross written premium in the Legal Insurance market market.
In 2024, the United States is expected to reach a staggering US$31.0bn in gross written premium, highlighting its dominant position in the global Legal Insurance market market.
Overall, these figures demonstrate the potential and significance of the Legal Insurance market market in Malta, as well as its role in the global landscape.
Malta's legal insurance market is experiencing a surge in demand, as individuals and businesses recognize the importance of protecting themselves against potential 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 Malta is experiencing a notable shift in consumer behavior and market dynamics.

Customer preferences: Customers in Malta are increasingly seeking legal insurance coverage to protect themselves from unexpected legal expenses. This growing trend can be attributed to the rising awareness among individuals and businesses about the importance of legal protection in a litigious society. Moreover, the convenience and peace of mind offered by legal insurance policies are becoming more appealing to customers in Malta.

Trends in the market: One prominent trend in the Maltese Legal Insurance market is the emergence of customized insurance products tailored to specific legal needs. Insurance providers are diversifying their offerings to cater to different segments of the market, such as personal legal insurance, business legal insurance, and cyber legal insurance. This trend reflects the evolving demands of customers and their desire for comprehensive coverage.

Local special circumstances: In Malta, the Legal Insurance market is also influenced by the country's unique legal landscape and regulatory environment. The presence of a civil law system, coupled with a growing number of legal disputes and regulatory changes, is driving the demand for legal insurance. Additionally, the increasing complexity of legal matters and the high cost of legal services in Malta are prompting individuals and businesses to invest in insurance protection.

Underlying macroeconomic factors: The growth of the Legal Insurance market in Malta is further supported by favorable macroeconomic conditions, including a stable economy, rising disposable incomes, and a growing middle class. As the country continues to attract foreign investment and expand its financial services sector, the demand for legal insurance is expected to increase. Additionally, the government's initiatives to promote legal awareness and access to justice are creating a conducive environment for the development of the legal insurance industry in Malta.

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.