Legal Insurance - Morocco | Statista Market Forecast

The Legal Insurance market market in Morocco is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$30.10m 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 amount to US$0.79 in 2024.
This figure reflects the individual expenditure on Legal Insurance market coverage and highlights the importance placed on legal protection in Morocco.
Looking ahead, the Legal Insurance market market is anticipated to experience a steady annual growth rate, with a compound annual growth rate (CAGR) of 2.12% projected from 2024 to 2029.
This growth trajectory is expected to result in a market volume of US$33.42m by 2029, further solidifying the significance of Legal Insurance market within the country.
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, reaching a staggering US$31.0bn in 2024.
This highlights the dominant position of the United States in terms of market size and underscores the vast potential within the Legal Insurance market sector on a global scale.
Overall, the Legal Insurance market market in Morocco is poised for growth, with an increasing market size and a significant role to play in ensuring legal protection for individuals and businesses alike.
The demand for legal insurance is growing in Morocco as individuals and businesses seek protection against legal costs and risks.

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 Morocco is experiencing significant growth and development.

Customer preferences: Customers in Morocco are increasingly looking for comprehensive legal protection and coverage to safeguard their personal and business interests. With the rising awareness of legal risks and the complexities of the legal system, there is a growing demand for legal insurance products that offer financial support in case of legal disputes.

Trends in the market: One notable trend in the Legal Insurance market in Morocco is the increasing collaboration between insurance companies and legal service providers. This partnership allows insurers to offer value-added services such as legal advice, consultation, and representation, enhancing the overall customer experience. Moreover, there is a growing trend towards customizable legal insurance packages that cater to the specific needs of different customer segments.

Local special circumstances: Morocco's legal system is influenced by a mix of civil law and Islamic law principles, which can make legal proceedings complex and challenging for individuals and businesses. As a result, there is a growing recognition of the importance of legal insurance in providing financial protection and access to legal assistance. Additionally, the government's efforts to improve the efficiency and transparency of the legal system are driving the demand for legal insurance among the population.

Underlying macroeconomic factors: The economic stability and growth in Morocco are contributing to the expansion of the Legal Insurance market. As the middle class expands and disposable incomes rise, more individuals and businesses are willing to invest in legal insurance to mitigate potential legal risks. Furthermore, the increasing foreign investment in Morocco is creating a need for legal protection for international businesses operating in the country, further fueling the demand for legal insurance products.

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.