Market Overview:
The global lawyer liability insurance market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into D&O insurance, E&O insurance, and other types of lawyer liability insurance. D&O insurance accounted for the largest share in 2017 and is expected to maintain its dominance during the forecast period. On the basis of application, coverage up to million accounted for the largest share in 2017 and is expected to maintain its dominance during the forecast period.
Product Definition:
Lawyer Liability Insurance is insurance that provides coverage for a lawyer in the event that they are sued for malpractice. The importance of Lawyer Liability Insurance is that it can help protect a lawyer from expensive legal fees if they are sued for malpractice.
D&O Insurance:
D&O insurance is an insurance policy that covers a professional liability or malpractice claim made against the insured. The D&O policy is designed to protect the insured from financial losses caused by any legal action brought against them, either personally or professionally, for damages such as bodily injury/ sickness and property damage. In addition to protection from civil suits, D&O policies also offer coverage for criminal defense costs and third-party claims.
E&O Insurance:
An E&O insurance is a form of fidelity bond or surety bond that an insurer requires when a lawyer is working on a client's behalf in some legal matter. The amount of the bond depends on the nature and complexity of the matter in which the lawyer is involved. In general, however, it ranges from USD 100,000 to 150,000 (Pound Sterling).
Application Insights:
Coverage: Up to Million was the dominant segment in the global lawyer liability insurance market, accounting for over 60% of the total revenue share in 2017. The growth can be attributed to a rise in demand for high-risk pools and an increase in number of defamation cases across various industries.
The E&O Insurance segment is expected to witness significant growth over the forecast period owing to increasing fraud & abuse claims as well as a rise in number of professional indemnity claims against lawyers. Increasing awareness among law firms about risk management and loss control is expected to have a positive impact on industry growth during future years.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth of this region can be attributed to increasing number of law firms in countries, such as India and China. Furthermore, rising demand for legal services coupled with growing awareness about professional indemnity insurance among lawyers is also one of the major factors contributing toward growth in Asia Pacific region.
The Middle East & Africa accounted for a significant share in 2016 and is expected to grow at a lucrative rate over the forecast period owing to rise in business immigration issues across various sectors including oil & gas, banking and financial services, telecom sector etc., which has led Lawyer Liability Insurance Market to become an important aspect of risk management strategy for many law firms operating within this region. Moreover it has been observed that there are more than 1 million lawyers practicing throughout Africa thus making it one of largest markets globally with potential opportunities ahead.
Growth Factors:
- Increasing demand for legal services: The global population is growing and with it the demand for legal services. This will create opportunities for Lawyer Liability Insurance providers to grow their businesses.
- Growing awareness of insurance products: As people become more aware of the benefits of insurance, they will be more likely to purchase Lawyer Liability Insurance policies.
- Technological advancements: Advances in technology are making it easier for people to access legal services, creating a need for Lawyer Liability Insurance coverage.
- Regulatory changes: Changes in regulations can create opportunities and challenges for Lawyer Liability Insurance providers. For example, new regulations may increase the demand for coverage or lead to increased competition in the market place . 5
Scope Of The Report
Report Attributes
Report Details
Report Title
Lawyer Liability Insurance Market Research Report
By Type
D&O Insurance, E&O Insurance
By Application
Coverage: Up to $1 Million, Coverage: $1 Million to $5 Million, Coverage: $5 Million to $20 Million, Coverage: Over $20 Million
By Companies
Chubb (ACE), AIG, Hiscox, Allianz, Tokio Marine Holdings, XL Group, AXA, Travelers, Assicurazioni Generali, Doctors Company, Marsh & McLennan, Liberty Mutual, Medical Protective, Aviva, Zurich, Sompo Japan Nipponkoa, Munich Re, Aon, Beazley, Mapfre, Old Republic Insurance Company
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
182
Number of Tables & Figures
128
Customization Available
Yes, the report can be customized as per your need.
Global Lawyer Liability Insurance Market Report Segments:
The global Lawyer Liability Insurance market is segmented on the basis of:
Types
D&O Insurance, E&O Insurance
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Coverage: Up to $1 Million, Coverage: $1 Million to $5 Million, Coverage: $5 Million to $20 Million, Coverage: Over $20 Million
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Chubb (ACE)
- AIG
- Hiscox
- Allianz
- Tokio Marine Holdings
- XL Group
- AXA
- Travelers
- Assicurazioni Generali
- Doctors Company
- Marsh & McLennan
- Liberty Mutual
- Medical Protective
- Aviva
- Zurich
- Sompo Japan Nipponkoa
- Munich Re
- Aon
- Beazley
- Mapfre
- Old Republic Insurance Company
Highlights of The Lawyer Liability Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- D&O Insurance
- E&O Insurance
- By Application:
- Coverage: Up to $1 Million
- Coverage: $1 Million to $5 Million
- Coverage: $5 Million to $20 Million
- Coverage: Over $20 Million
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Lawyer Liability Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Lawyer liability insurance is a type of insurance that protects lawyers from personal injury or property damage lawsuits. The policy typically covers the lawyer for any legal fees and costs associated with defending themselves in court, as well as any damages awarded to the plaintiff if they are successful in their lawsuit.
Some of the major players in the lawyer liability insurance market are Chubb (ACE), AIG, Hiscox, Allianz, Tokio Marine Holdings, XL Group, AXA, Travelers, Assicurazioni Generali, Doctors Company, Marsh & McLennan, Liberty Mutual, Medical Protective, Aviva, Zurich, Sompo Japan Nipponkoa, Munich Re, Aon, Beazley, Mapfre, Old Republic Insurance Company.
The lawyer liability insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Lawyer Liability Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Lawyer Liability Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Lawyer Liability Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Lawyer Liability Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Lawyer Liability Insurance Market Size & Forecast, 2018-2028
4.5.1 Lawyer Liability Insurance Market Size and Y-o-Y Growth
4.5.2 Lawyer Liability Insurance Market Absolute $ Opportunity
Chapter 5 Global Lawyer Liability Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Lawyer Liability Insurance Market Size Forecast by Type
5.2.1 D&O Insurance
5.2.2 E&O Insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Lawyer Liability Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Lawyer Liability Insurance Market Size Forecast by Applications
6.2.1 Coverage: Up to $1 Million
6.2.2 Coverage: $1 Million to $5 Million
6.2.3 Coverage: $5 Million to $20 Million
6.2.4 Coverage: Over $20 Million
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Lawyer Liability Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Lawyer Liability Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Lawyer Liability Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Lawyer Liability Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Lawyer Liability Insurance Market Size Forecast by Type
9.6.1 D&O Insurance
9.6.2 E&O Insurance
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Lawyer Liability Insurance Market Size Forecast by Applications
9.10.1 Coverage: Up to $1 Million
9.10.2 Coverage: $1 Million to $5 Million
9.10.3 Coverage: $5 Million to $20 Million
9.10.4 Coverage: Over $20 Million
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Lawyer Liability Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Lawyer Liability Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Lawyer Liability Insurance Market Size Forecast by Type
10.6.1 D&O Insurance
10.6.2 E&O Insurance
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Lawyer Liability Insurance Market Size Forecast by Applications
10.10.1 Coverage: Up to $1 Million
10.10.2 Coverage: $1 Million to $5 Million
10.10.3 Coverage: $5 Million to $20 Million
10.10.4 Coverage: Over $20 Million
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Lawyer Liability Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Lawyer Liability Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Lawyer Liability Insurance Market Size Forecast by Type
11.6.1 D&O Insurance
11.6.2 E&O Insurance
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Lawyer Liability Insurance Market Size Forecast by Applications
11.10.1 Coverage: Up to $1 Million
11.10.2 Coverage: $1 Million to $5 Million
11.10.3 Coverage: $5 Million to $20 Million
11.10.4 Coverage: Over $20 Million
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Lawyer Liability Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Lawyer Liability Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Lawyer Liability Insurance Market Size Forecast by Type
12.6.1 D&O Insurance
12.6.2 E&O Insurance
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Lawyer Liability Insurance Market Size Forecast by Applications
12.10.1 Coverage: Up to $1 Million
12.10.2 Coverage: $1 Million to $5 Million
12.10.3 Coverage: $5 Million to $20 Million
12.10.4 Coverage: Over $20 Million
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Lawyer Liability Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Lawyer Liability Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Lawyer Liability Insurance Market Size Forecast by Type
13.6.1 D&O Insurance
13.6.2 E&O Insurance
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Lawyer Liability Insurance Market Size Forecast by Applications
13.10.1 Coverage: Up to $1 Million
13.10.2 Coverage: $1 Million to $5 Million
13.10.3 Coverage: $5 Million to $20 Million
13.10.4 Coverage: Over $20 Million
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Lawyer Liability Insurance Market: Competitive Dashboard
14.2 Global Lawyer Liability Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Chubb (ACE)
14.3.2 AIG
14.3.3 Hiscox
14.3.4 Allianz
14.3.5 Tokio Marine Holdings
14.3.6 XL Group
14.3.7 AXA
14.3.8 Travelers
14.3.9 Assicurazioni Generali
14.3.10 Doctors Company
14.3.11 Marsh & McLennan
14.3.12 Liberty Mutual
14.3.13 Medical Protective
14.3.14 Aviva
14.3.15 Zurich
14.3.16 Sompo Japan Nipponkoa
14.3.17 Munich Re
14.3.18 Aon
14.3.19 Beazley
14.3.20 Mapfre
14.3.21 Old Republic Insurance Company
