Market Insights Financial Insurances Non-life insurances

Legal Insurance - Switzerland

Switzerland

The Legal Insurance market market in Switzerland is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$0.75bn by 2024.
This indicates a promising future for the Legal Insurance market sector in the country.
In terms of per capita spending, the average amount in the Legal Insurance market market is estimated to be US$85.08 in 2024.
This signifies the willingness of individuals in Switzerland to invest in legal protection and coverage.
Looking ahead, the Legal Insurance market market is anticipated to display a steady growth rate.
With a compound annual growth rate (CAGR) of 2.26% between 2024 and 2028, the market volume is projected to expand to US$0.82bn by 2028.
This signifies a positive outlook for the Legal Insurance market industry in Switzerland, as it continues to garner interest and support from consumers.
When comparing the gross written premium on a global scale, it is notable that the United States is expected to generate the highest amount.
In 2024, the United States is projected to reach an impressive gross written premium of US$31,120.0m.
This highlights the dominant position of the United States in the Legal Insurance market market worldwide.
In conclusion, Switzerland's Legal Insurance market market is poised for growth, with the market size expected to increase steadily.
The per capita spending and projected growth rate further contribute to the positive trajectory of this market segment in the country.
However, it is important to note that the United States remains the global leader in terms of gross written premium in the Legal Insurance market sector.
Switzerland's legal insurance market is witnessing a surge in demand as individuals seek comprehensive coverage for legal expenses.

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Analyst Opinion

The legal insurance market plays a unique role in providing coverage for legal expenses and services. In this distinct sector, specific trends are reshaping the landscape of legal insurance, while underlying indicators offer insights into its performance and stability.

Trends on the market:

Access to Legal Tech: Legal insurers are embracing technology to provide policyholders with access to legal services and resources, making legal advice and assistance more convenient.
Cybersecurity Legal Coverage: Legal insurance policies are evolving to cover legal expenses related to data breaches and cybersecurity incidents, reflecting the growing importance of digital security.
Personalized Legal Plans: The legal insurance market is moving toward personalized legal plans, tailored to individual legal needs. Policyholders can access coverage for specific legal situations.
Employment Dispute Coverage: Legal insurers are expanding their offerings to include coverage for employment-related legal disputes, reflecting the growing number of workplace issues.
Environmental and Regulatory Legal Protection: With increased environmental regulations, legal insurance is adapting to offer coverage for legal expenses related to environmental compliance and disputes.

Underlying Indicators:

Claims Frequency and Severity: Monitoring the frequency and severity of legal claims is essential for assessing the financial health of legal insurers. Changes in these indicators may signal emerging legal risks.
Regulatory Compliance: Staying compliant with evolving legal and regulatory standards is vital for legal insurers to operate within legal boundaries and adapt to changing legal landscape
Legal Tech Integration: The adoption of legal tech platforms and the quality of legal services provided to policyholders influence customer satisfaction and retention rates in the legal insurance market.

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.