Whitepaper Launched to Enlighten the Insurance Industry Why Legal Risks Need to be Addressed

Legal Life Events: When They Happen, They Hurt!

Toronto, ON (Nov. 14, 2023) – ARAG Legal Solution Inc., the Canadian Legal Expense Insurance (LEI) market leader, is excited to announce the release of its latest whitepaper, titled “Legal Life Events: When They Happen, They Hurt!

Based on a comprehensive online survey of 2,500 Canadians who experienced legal life events within the past three years, this report offers invaluable insights to insurance professionals. It unveils the top legal disputes that Canadians typically face and underscores the profound and often overlooked impacts that these disputes have on mental health, job performance and financial stability for individuals and families.

“Understanding the prevalence and impacts of legal risks faced by Canadians is crucial for insurance professionals,” said Peter Dempster, CEO at ARAG Legal Solutions Inc. “Legal disputes hurt Canadians in many ways including financial and emotional harm. Insurance professionals need to understand and highlight these risks to Canadians and introduce solutions to help manage them.”

The whitepaper demonstrates that COVID was not a major driving force behind the legal issues that Canadians handled during the last three years. “Instead, the findings reinforce a critical point that legal risks are ever present to average Canadians, with or without a societal crisis,” affirmed Jeffrey Kless, VP Marketing and Strategic Initiatives at ARAG. “Moreover, the research reveals that less than half of those surveyed hired a lawyer to resolve their issue. That leaves far too many Canadian’s attempting to navigate the complexities of our legal system entirely on their own or making the exceedingly difficult decision to walk away from a dispute instead of defending or pursuing their legal rights.”

The whitepaper offers data driven insights for insurer, mutual and brokerage teams to enhance their understanding of common legal risks, and solutions to fill the legal risk gaps within their customers’ insurance portfolios.

To delve into the comprehensive findings within the “Legal Life Events: When They Happen, They Hurt!” whitepaper, click here.

Don’t miss our earlier research from 2022, Risk on the Rise, which explores legal disputes and their significant impacts on Canadian small business owners.

About ARAG

ARAG Legal Solutions Inc. (ARAG) is the Canadian market leader and managing general agent specializing exclusively in Legal Expense Insurance. Working with broker, insurer, and mutual partners, we create access to justice solutions for Canadian families, small business owners, strata councils / condominium boards and residential property owners. Our policies are underwritten by HDI Global Specialty SE.

ARAG is the largest family-owned enterprise in the German insurance industry and has positioned itself as a versatile quality insurer. It is the leading legal insurer worldwide. Active in 19 countries – including the US and Australia – ARAG is also represented by international branches, subsidiaries, and shareholdings in numerous international markets in which it holds a leading position as a provider of legal insurance and legal services. Besides legal insurance, it offers its customers in Germany its own unique needs-based products and services covering casualty and property insurance and health insurance. With more than 4,700 employees, the Group generates revenue and premium income totaling over €2,2 billion (CAD$2.9 billion). For more information, visit www.arag.ca.

Source: ARAG Services Corporation

Tags: , ,