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Daily Insurance Industry News
Thursday 21st of June 2018
January 17, 2011

Arag reveals divorce insurance plans

by Gill Montia

Story link: Arag reveals divorce insurance plans

Legal expenses insurer, Arag, has revealed that it is considering launching divorce insurance in the UK, following a government announcement that almost all Legal Aid for divorce disputes settled by the courts is to end.

Justice Minister, Jonathan Djanogly, has already highlighted the need for insurance to cover divorce-related legal costs, and speaking on BBC Radio 4’s Money Box programme on Saturday, Arag managing director, Tony Buss, said he would be examining the German market over the coming year, where couples can typically buy €30,000 of cover for €100.

Policies have a waiting period, usually three years, before they can be triggered and carry an excess in the region of £500 per partner.

With regard the UK market, Mr Buss said that insurers have previously shied away from divorce insurance as it has not been regarded as socially unacceptable, but that he is hopeful launching a product in 2012.

Premiums are likely to be higher in the South East of England, he added.

 

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