Market Insights Financial Insurances Non-life insurances

Legal Insurance - New Zealand

New Zealand

The Legal Insurance market market in New Zealand is projected to reach a market size of US$47.91m in 2024 in terms of gross written premium.
The average spending per capita in the Legal Insurance market market is expected to amount to US$9.09 in 2024.
Looking ahead, the gross written premium is anticipated to display an annual growth rate (CAGR 2024-2028) of -4.38%, resulting in a market volume of US$40.05m by 2028.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$31,120.0m in 2024.
The demand for legal insurance in New Zealand is growing steadily, as individuals and businesses seek protection against the rising costs of legal services.

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Analyst Opinion

Over the past few years, the Legal Insurance market in New Zealand has shown significant growth and development.

Customer preferences: Customers in New Zealand are increasingly valuing the security and protection that legal insurance provides, especially as legal costs continue to rise. This trend is in line with the global shift towards proactive risk management and financial planning.

Trends in the market: One noticeable trend in the Legal Insurance market in New Zealand is the increasing demand for customizable legal insurance plans that cater to the specific needs of individuals and businesses. This trend reflects a growing awareness among consumers about the benefits of having comprehensive legal coverage.

Local special circumstances: New Zealand's unique regulatory environment and legal system play a crucial role in shaping the Legal Insurance market. The country's emphasis on consumer protection and access to justice has led to a rise in legal insurance offerings that aim to bridge the gap between legal services and affordability.

Underlying macroeconomic factors: The stable economic growth and increasing disposable income levels in New Zealand have contributed to the expansion of the Legal Insurance market. As more individuals and businesses seek to safeguard their interests and assets, the demand for legal insurance products is expected to continue on an upward trajectory.

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.