Legal Insurance - Ukraine | Statista Market Forecast

The Legal Insurance market market in Ukraine is expected to reach a projected market size (gross written premium) of US$3.14m in 2024.
The average spending per capita in the Legal Insurance market market is estimated to be US$0.08 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -1.49%, resulting in a market volume of US$2.91m by 2029.
In global comparison, the United States is projected to generate the highest gross written premium, amounting to US$31.0bn in 2024.
The demand for legal insurance in Ukraine is growing rapidly, driven by an increasing awareness of legal risks and the need for protection.

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 Ukraine is experiencing a notable growth trajectory in recent years.

Customer preferences: Customers in Ukraine are increasingly recognizing the importance of legal insurance as a means to protect themselves from unexpected legal expenses. With the rising awareness about legal rights and obligations, individuals and businesses are showing a greater interest in safeguarding their interests through legal insurance policies.

Trends in the market: One of the key trends shaping the Legal Insurance market in Ukraine is the growing demand for specialized legal coverage tailored to specific needs. As the legal landscape in the country evolves and becomes more complex, there is a rising need for insurance products that offer comprehensive coverage for a range of legal issues. This trend is driving insurance providers to innovate and offer customized solutions to cater to the diverse needs of customers in Ukraine.

Local special circumstances: In Ukraine, the legal system is undergoing reforms to enhance transparency and efficiency. This has led to an increased demand for legal services, thereby driving the growth of the legal insurance market. Additionally, the country's business environment is becoming more competitive, prompting companies to seek legal insurance as a risk management tool to mitigate potential legal challenges.

Underlying macroeconomic factors: The economic stability and growth in Ukraine are also playing a significant role in the development of the legal insurance market. As the economy expands, individuals and businesses are more willing to invest in insurance products, including legal insurance, to protect their assets and interests. Moreover, the regulatory environment in Ukraine is becoming more favorable for insurance companies, encouraging new players to enter the market and offer innovative legal insurance solutions.

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.