Before-the-event Legal Expense Insurance 2019
This report considers how many consumers have Before-the-event (BTE) legal expense insurance (LEI) cover, how this cover was taken out and how individuals owning such insurance approach insurance buying in general. BTE legal expense insurance is defined as insurance providing cover against the cost of legal expenses associated with bringing or defending a legal action, including the policyholder’s own legal fees and the other party’s cost should they lose.
For this report, IRN commissioned research from MIS Group’s UK panel. The research was structured so that 2,051 consumers aged 18+ were asked if they owned an insurance policy. This generated 503 individuals who owned BTE legal expense insurance.
One quarter of consumers say they own before-the-event (BTE) legal expense insurance (LEI). With 25% of adults owning, this means around 13 million adults are aware they have LEI cover. Legal expense insurance ownership tends to be biased towards consumers who are: Male; Aged 35+; from the AB social grades; and have net monthly household income of £2,000 and above: i.e. mature, affluent men. The BTE LEI market is primarily an add-on market. Only 11% of individuals owning legal expense insurance took out a separate standalone policy.
LEI policyholders are confident, self-reliant insurance buyers. Compared with consumers not owning LEI, LEI policyholders are significantly more likely to be Intrepid insurance Buyers: 48% of LEI policyholders are Intrepid Buyers, compared with 26% of consumers who do not own LEI. Intrepid Buyers are consumers who are very confident about buying insurance and also very self-reliant. They tend to have significant levels of insurable risks which are covered with relatively high levels of insurance cover. These consumers find it easy to go into the market and buy insurance. Most consumers in this group want to complete part or all of their customer journey online.
When selecting insurance, LEI policyholders pay more attention to the cover on offer (rather than just the price) compared with consumers as a whole, and are more cover focused compared with other consumers owning insurance (but who do not own LEI). Moreover, when selecting insurance, LEI policyholders also show a stronger preference for buying from well-known insurance brands, compared with consumers as a whole and compared with other consumers owning insurances (but who do not own LEI insurance).
This report (41pp) and the detailed dataset of all survey results with a demographic analysis is available directly from IRN Research, priced at £300 (£360 including VAT). Discounts for multiple report purchases, report only, dataset only, or purchases of extracts are available.
DOWNLOAD report description