Legal Insurance - Portugal | Statista Market Forecast

The Legal Insurance market market in Portugal is expected to reach a market size (gross written premium) of US$15.66m in 2024.
The average spending per capita in the Legal Insurance market market is projected to be US$1.53 in 2024.
Furthermore, it is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of -2.44%, resulting in a market volume of US$13.85m by 2029.
In comparison to other countries globally, the United States is expected to generate the highest gross written premium of US$31.0bn in 2024.
Portugal's legal insurance market is witnessing a surge in demand, driven by increasing awareness of legal risks and the need for comprehensive coverage.

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 Portugal is experiencing significant growth and evolution.

Customer preferences: Customers in Portugal are increasingly recognizing the importance of legal insurance as a means to protect themselves from unexpected legal expenses. With the rising awareness of legal rights and the complexities of the legal system, individuals and businesses are seeking insurance coverage to safeguard their interests in legal matters.

Trends in the market: One prominent trend in the Legal Insurance market in Portugal is the expansion of insurance providers offering specialized legal coverage tailored to different sectors. This trend is driven by the growing demand for customized legal insurance solutions that address specific needs of diverse customer groups, such as small businesses, professionals, and individuals. Additionally, there is a noticeable shift towards online platforms for purchasing legal insurance policies, making it more convenient for customers to access and compare different offerings.

Local special circumstances: Portugal's legal system and regulatory environment play a significant role in shaping the Legal Insurance market. The country's legal framework, which includes civil law traditions and specific regulations governing insurance products, influences the types of legal insurance available to customers. Moreover, the increasing focus on consumer protection and access to justice in Portugal is driving the development of innovative legal insurance products that cater to the evolving needs of the market.

Underlying macroeconomic factors: The growth of the Legal Insurance market in Portugal is also influenced by broader macroeconomic factors, such as economic stability, disposable income levels, and overall market competitiveness. As the economy continues to recover and businesses expand their operations, there is a greater demand for legal insurance to mitigate risks and ensure financial security. Furthermore, the competitive landscape among insurance providers in Portugal is fostering innovation and driving the development of new legal insurance products and services to meet the changing needs of customers.

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.