Market Insights Financial Insurances Non-life insurances

Legal Insurance - Thailand

Thailand

The Legal Insurance market market in Thailand is expected to witness significant growth in the coming years.
According to projections, the market size, measured by the gross written premium, is estimated to reach US$106.70m in 2024.
This indicates a positive trend in the demand for Legal Insurance market services in the country.
Furthermore, the average spending per capita in the Legal Insurance market market is projected to amount to US$1.49 in 2024.
This metric provides insights into the level of individual expenditure on Legal Insurance market coverage in Thailand.
Looking ahead, the market is anticipated to exhibit an annual growth rate of -3.82%, as measured by the compound annual growth rate (CAGR) between 2024 and 2028.
This growth trajectory is expected to result in a market volume of US$91.31m by 2028.
These figures demonstrate the potential for further expansion and development in the Legal Insurance market sector within the country.
When comparing in Thailand to other countries on a global scale, it is worth noting that the United States is projected to generate the highest gross written premium in the Legal Insurance market market, amounting to US$31,120.0m in 2024.
This highlights the dominance of the United States in terms of market size and signifies the significant contribution made by the country to the global Legal Insurance market industry.
The demand for legal insurance in Thailand has seen a significant increase due to the growing awareness of individuals and businesses about the importance of legal protection.

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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.