Market Insights Financial Insurances Non-life insurances

Legal Insurance - Vietnam

Vietnam

The Legal Insurance market market in Vietnam is expected to reach a market size (gross written premium) of US$30.86m in 2024.
The average spending per capita in the Legal Insurance market market is projected to be US$0.31 in 2024.
With an annual growth rate of -5.05% (CAGR 2024-2029), the gross written premium is expected to result in a market volume of US$23.81m by 2029.
When compared globally, the United States is forecasted to generate the highest gross written premium of US$31,030,000.0k in 2024.
Despite the growing demand for legal insurance in Vietnam, the market remains relatively underdeveloped compared to other Southeast Asian countries.

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Analyst Opinion

The Legal Insurance market in Vietnam has been experiencing significant growth and development in recent years. Customer preferences in the Vietnamese Legal Insurance market are shifting towards a greater demand for comprehensive coverage that includes legal assistance for various aspects of personal and business life. Customers are increasingly looking for insurance policies that can provide them with legal protection in areas such as property disputes, employment issues, and personal injury claims. Trends in the market indicate a rise in the number of insurance companies offering Legal Insurance products in Vietnam. This increased competition is leading to more affordable premiums and a wider range of coverage options for customers. Additionally, there is a growing awareness among the Vietnamese population about the importance of legal protection, driving the demand for Legal Insurance policies. Local special circumstances in Vietnam, such as the evolving regulatory environment and the country's rapid economic growth, are also influencing the development of the Legal Insurance market. As Vietnam continues to integrate into the global economy and attract foreign investment, there is a greater need for legal protection for individuals and businesses operating in the country. Underlying macroeconomic factors, such as the increasing disposable income levels and the expanding middle class in Vietnam, are further fueling the growth of the Legal Insurance market. As more people in Vietnam are able to afford insurance products, the demand for Legal Insurance is expected to continue rising in the coming years.

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.