AN ANALYTICAL STUDY OF LAW-RELATED INSURANCE IN GUJARAT: LEGAL FRAMEWORK, CHALLENGES, AND OPPORTUNITIES

Abstract

The report examines the law-related insurance sector in Gujarat, focusing on the legislative framework, challenges, and opportunities. Legal insurance, including legal expenditures, liability, and covering for legal responsibilities, has become a crucial part of the state's insurance sector. The study highlights the regulatory framework established by legislation like the Insurance Regulatory and Development Authority of India (IRDAI) Act, the Indian Contract Act, and the Consumer Protection Act. Despite challenges like insufficient public knowledge, accessibility concerns, legal terminology intricacy, and regulatory enforcement deficiencies, the report highlights the increasing need for legal insurance products due to rising company liabilities, legal conflicts, and consumer protection issues. The report also explores future prospects in the business, such as digital transformation, insurtech growth, and expanding legal insurance services to neglected regions. The report provides practical insights for policymakers, insurers, and consumers to promote law-related insurance in Gujarat.