Legal Insurance - Sweden | Statista Market Forecast

The Legal Insurance market market in Sweden is expected to reach a projected market size (gross written premium) of US$35.08m in 2024.
The average spending per capita in the Legal Insurance market market is estimated to be US$3.29 in the same year.
With an annual growth rate (CAGR 2024-2029) of 0.70%, the gross written premium is projected to increase, resulting in a market volume of US$36.31m by 2029.
In terms of global comparison, the United States is anticipated to generate the highest gross written premium, reaching US$31.0bn in 2024.
Legal insurance in Sweden is experiencing a surge in demand as individuals and businesses seek protection against rising litigation costs.

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 Sweden is experiencing significant growth and development.

Customer preferences: Customers in Sweden are increasingly valuing the security and protection that legal insurance provides, especially in a society where legal proceedings can be complex and costly. The convenience of having access to legal advice and assistance is becoming more appealing to individuals and businesses alike.

Trends in the market: One notable trend in the Swedish Legal Insurance market is the rise of tailored insurance packages to meet the specific needs of different customer segments. Providers are offering specialized coverage for areas such as employment disputes, property issues, and personal injury claims. This trend is driven by the demand for more personalized and comprehensive legal protection.

Local special circumstances: Sweden's strong emphasis on social welfare and equality plays a significant role in shaping the Legal Insurance market. The country's robust legal system and high standards of living contribute to a culture where individuals are proactive about seeking legal advice and protection. Additionally, the increasing digitization of legal services in Sweden is creating new opportunities for insurance providers to offer innovative solutions to customers.

Underlying macroeconomic factors: The stable economic environment in Sweden, characterized by low unemployment rates and steady GDP growth, is fostering confidence among consumers to invest in legal insurance. As disposable incomes rise, more individuals and businesses are willing to allocate resources towards safeguarding their legal rights and interests. Moreover, the competitive landscape in the insurance sector is driving providers to offer attractive premiums and value-added services to attract and retain 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.