Mar 26, 2019 By Popa & Associates
On 12 March 2019, Popa & Associates invited to a panel focussing on legal expenses insurance. The aim of the event was to find out whether there is a chance of successfully offering legal expenses insurance in Moldova.
Numerous representatives from the insurance industry, regulators and lawyers participated in the meeting. The firm’s Senior Partner, Igor Popa, first presented the historical development of legal expenses insurances in Europe and worldwide. He explained the basic structures and mechanics of legal expenses insurances.
Then Dr Daniel Rubner, lawyer at GÖRG in Munich, spoke about the system of legal expenses insurance in Germany. With a share of more than a third, the German market is by far the largest market for legal expenses insurance worldwide. Daniel Rubner pointed out that since the introduction of legal expenses insurance in Germany, the product portfolio has constantly expanded. New products are usually very well received by customers. Often it is supply that triggers demand.
During the event, the participants vividly discussed the pros and cons of legal expenses insurance in general and, in particular. The challenges faced by insurance companies in Moldova if they want to introduce appropriate products. Most participants in the discussion were confident that the introduction of legal expenses insurance in Moldova could benefit all parties involved: the insurance companies, the insured and the legal profession.