Market Insights Financial Insurances Non-life insurances

Legal Insurance - Nordics

Nordics

The Legal Insurance market market in the Nordics is expected to reach a projected market size of US$103.80m in 2024.
The average spending per capita in the Legal Insurance market market is estimated to be US$3.70 in 2024.
Over the period of 2024-2029, the gross written premium is anticipated to grow at an annual growth rate of 0.40%, resulting in a market volume of US$105.90m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium, amounting to US$31,030,000.0k in 2024.
In the Nordic region, legal insurance is gaining popularity as individuals and businesses seek protection against rising legal costs.

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Analyst Opinion

The Legal Insurance market in Nordics is experiencing significant growth and development driven by various factors.

Customer preferences: Customers in the Nordics are increasingly valuing the peace of mind and security that legal insurance provides, especially in a region known for its high standards of living and legal costs. This trend is fueling the demand for legal insurance products as individuals and businesses seek to protect themselves from unexpected legal expenses.

Trends in the market: One key trend in the Legal Insurance market in the Nordics is the rise of digitalization and technology. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer more personalized legal insurance solutions. This trend is not only improving efficiency in the market but also making legal insurance more accessible to a wider range of customers.

Local special circumstances: The Nordics region is known for its strong social welfare systems and high level of trust in institutions, including the legal system. This unique cultural context creates a favorable environment for legal insurance providers, as individuals and businesses are more inclined to invest in additional protection and coverage. Moreover, the region's complex regulatory environment and high legal fees further drive the demand for legal insurance products.

Underlying macroeconomic factors: The stable economic conditions in the Nordics, coupled with the region's high GDP per capita, contribute to the growth of the Legal Insurance market. As disposable incomes rise and businesses expand, there is a greater willingness to invest in legal insurance to safeguard against potential legal risks and liabilities. Additionally, the competitive landscape in the region is pushing insurers to innovate and offer more comprehensive legal insurance solutions to meet the evolving needs of customers.

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.