Market Insights Financial Insurances Non-life insurances

Legal Insurance - Qatar

Qatar

The Legal Insurance market market in Qatar is expected to reach a market size (gross written premium) of US$10.94m in 2024.
The average spending per capita in the Legal Insurance market market is projected to be US$4.00 in the same year.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2028) of -2.94%, resulting in a market volume of US$9.71m by 2028.
When compared globally, the United States is predicted to generate the highest gross written premium in the Legal Insurance market market, amounting to US$31,120.0m in 2024.
Qatar's legal insurance market is experiencing a surge in demand due to the country's growing business landscape and increasing need for comprehensive legal protection.

Market

Region

Region comparison

Currency

Analyst Opinion

The Legal Insurance market in Qatar has been experiencing significant growth and development in recent years. Customer preferences in the Legal Insurance market in Qatar are shifting towards more comprehensive coverage options that provide a wide range of legal services. Customers are increasingly looking for policies that offer not only financial protection in legal matters but also access to a network of reputable law firms and legal experts. Trends in the market show a rise in demand for Legal Insurance products that cater to specific needs, such as employment disputes, property law, and personal injury cases. This trend is driven by a growing awareness among consumers about their legal rights and a desire to have professional legal assistance readily available when needed. Local special circumstances in Qatar, such as the rapid expansion of the economy and the increasing complexity of business transactions, have contributed to the growth of the Legal Insurance market. As the country attracts more foreign investment and businesses, there is a greater need for legal protection and risk management, driving the demand for Legal Insurance products. Underlying macroeconomic factors, such as the government's focus on diversifying the economy and promoting foreign investment, have also played a role in the development of the Legal Insurance market in Qatar. The country's efforts to enhance its legal framework and regulatory environment have increased the importance of legal compliance for businesses, leading to a greater demand for Legal Insurance solutions.

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.