Legal Insurance - Taiwan | Statista Market Forecast

The Legal Insurance market market in Taiwan is expected to experience significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$18.60m in 2024.
This indicates a positive trend in the demand for Legal Insurance market coverage within the country.
Furthermore, the average spending per capita in the Legal Insurance market market is estimated to amount to US$0.78 in 2024.
This figure demonstrates the level of individual investment in Legal Insurance market services, highlighting the importance of such coverage for the Taiwanese population.
Looking ahead, the market is anticipated to exhibit a promising annual growth rate.
With a compound annual growth rate (CAGR) of 2.63% between 2024 and 2029, the gross written premium is projected to reach US$21.18m by 2029.
This signifies a continuous expansion of the Legal Insurance market market in Taiwan over the forecast period.
In terms of global comparison, it is noteworthy that the United States is expected to generate the highest gross written premium in 2024, reaching an impressive US$31.0bn.
This illustrates the significant scale of the Legal Insurance market the United States, emphasizing its dominant position on a global level.
Legal insurance in Taiwan is becoming increasingly popular as more people recognize the importance of protecting themselves against potential legal risks.

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 Taiwan is experiencing significant growth and development.

Customer preferences: Customers in Taiwan are increasingly recognizing the importance of legal insurance to protect themselves from potential legal issues and expenses. They are seeking comprehensive coverage that includes legal consultation, representation, and reimbursement for legal fees.

Trends in the market: One prominent trend in the Legal Insurance market in Taiwan is the rise of digital platforms offering legal insurance services. These platforms provide convenient access to legal resources and services, attracting tech-savvy customers. Additionally, there is a growing trend of partnerships between legal insurance providers and other industries, such as finance and real estate, to offer bundled services to customers.

Local special circumstances: Taiwan has a high population density and a competitive business environment, leading to an increased demand for legal insurance among individuals and businesses. The legal system in Taiwan is complex, making legal insurance a valuable asset for navigating potential legal challenges effectively.

Underlying macroeconomic factors: The stable economic growth in Taiwan has contributed to the expansion of the Legal Insurance market. As the economy continues to thrive, individuals and businesses are more willing to invest in legal insurance to safeguard their interests and assets. Additionally, the increasing awareness of legal rights and responsibilities among the population has driven the demand for legal insurance products and services.

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.