Market Insights Financial Insurances Non-life insurances

Legal Insurance - Northern Africa

Northern Africa

The projected market size (gross written premium) of the Legal Insurance market market in Northern Africa is estimated to reach US$59.45m in 2024.
The average spending per capita in the Legal Insurance market market is expected to amount to US$0.23 in 2024.
Furthermore, the gross written premium is projected to exhibit an annual growth rate (CAGR 2024-2028) of 0.86%, resulting in a market volume of US$61.53m by 2028.
In a global context, the United States is anticipated to generate the highest gross written premium, amounting to US$31,120.0m in 2024.
Legal insurance in Northern Africa is gaining popularity as individuals seek protection against rising legal costs.

Market

Region

Region comparison

Currency

Analyst Opinion

The Legal Insurance market in Northern Africa is experiencing significant growth and development in recent years. Customer preferences in the Legal Insurance market in Northern Africa are shifting towards more comprehensive coverage options that provide a wide range of legal services. Customers are increasingly seeking policies that offer not only financial protection in legal matters but also access to legal advice and assistance. Trends in the market indicate a rise in demand for Legal Insurance products tailored to specific countries in Northern Africa. Insurers are customizing their offerings to cater to the unique legal systems and regulations of each country in the region. This trend is driven by the increasing awareness among consumers about the importance of having legal protection in a diverse and evolving legal landscape. Local special circumstances, such as political instability and economic challenges, play a significant role in shaping the Legal Insurance market in Northern Africa. These circumstances have led to a growing need for legal assistance and protection among individuals and businesses in the region. As a result, insurers are adapting their products to address the specific legal risks and challenges faced by customers in Northern Africa. Underlying macroeconomic factors, including GDP growth, population demographics, and regulatory environment, are also influencing the development of the Legal Insurance market in Northern Africa. As the region experiences economic growth and demographic changes, there is a greater demand for legal services and protection. Insurers are leveraging these macroeconomic factors to expand their market presence and offer innovative Legal Insurance solutions to customers in Northern Africa.

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.