Skip to main content
  1. Market Insights
  2. Financial
  3. Insurances
  4. Non-life insurances

Legal Insurance - Panama

Panama
  • The Legal Insurance market market in Panama is expected to witness significant growth in the coming years.
  • According to projections, the market size, measured by the gross written premium, is estimated to reach US$4.32m in 2024.
  • This indicates a strong potential for the Legal Insurance market sector in the country.
  • In terms of average spending per capita, in Panama is forecasted to witness an expenditure of US$0.95 in 2024.
  • This metric provides insights into the individual spending patterns within the Legal Insurance market market, highlighting the significance of this sector to the population.
  • Furthermore, the gross written premium is expected to exhibit an annual growth rate of -0.20% from 2024 to 2029.
  • This growth trajectory is projected to drive the market volume to reach US$4.27m in 2029.
  • These figures demonstrate the positive outlook for the Legal Insurance market industry in Panama, showcasing its potential for expansion and development.
  • In a global context, it is noteworthy that the United States is anticipated to generate the highest gross written premium in 2024, with an estimated value of US$31.0bn.
  • This comparison provides perspective on the scale and competitiveness of the Legal Insurance market market, emphasizing the dominance of the United States in terms of generated premium.
  • Overall, the Legal Insurance market market in Panama is poised for growth, with positive projections indicating a promising future.
  • The market size, individual spending, and global comparisons all point towards a robust and evolving industry within the country.
  • Panama's legal insurance market is rapidly growing, driven by increasing demand for legal protection and access to justice.

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.

In-Scope

  • Before-the-event legal protection insurance
  • After-the-event legal protection insurance

Out-Of-Scope

  • All other insurance types, such as life insurance and health insurance
  • Reinsurance
Non-life Insurances: market data & analysis - Cover

Market Insights report

Non-life Insurances: market data & analysis

Study Details

    Gross Written Premium

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Legal Insurance market in Panama is experiencing significant growth and development in recent years. Customer preferences in the Legal Insurance market in Panama are shifting towards more comprehensive coverage options that not only protect individuals and businesses in legal matters but also provide additional services such as legal advice and consultation. Customers are increasingly looking for convenience and peace of mind when it comes to legal protection, driving the demand for tailored insurance products. Trends in the market show a rise in partnerships between insurance companies and legal firms to offer specialized legal insurance packages. This trend is fueled by the need to provide more value to customers and differentiate offerings in a competitive market. Moreover, there is a growing emphasis on digitalization in the legal insurance sector, with online platforms and mobile apps being used to streamline the claims process and improve customer experience. Local special circumstances in Panama, such as the evolving regulatory environment and the increasing awareness of legal rights among the population, are contributing to the growth of the Legal Insurance market. As more people seek legal assistance and protection, insurance providers are adapting their products to meet the changing needs of customers in Panama. Underlying macroeconomic factors, including the overall economic stability and growth in Panama, are also playing a role in the development of the Legal Insurance market. A thriving economy and a growing middle class are driving demand for legal services and insurance products, creating opportunities for insurers to expand their offerings and reach a wider customer base.

    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.

    Financial

    Access more Market Insights on Financial topics with our featured report

    Non-life Insurances: market data & analysis - BackgroundNon-life Insurances: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Global insurance industry - statistics & facts

    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.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.