Asbestos losses reportedly lowest in nearly a decade
A new report suggests that environmental and asbestos loss numbers for the property/casualty insurance industry in 2008 were lower than they’ve been in almost a decade.
U.S. (Mesothelioma Cancer News) – A recent report on losses of the property/casualty insurance industry in the U.S. has shown that asbestos and environmental losses were lower last year than they’ve been since 2000. As reported on BusinessInsurance.com, net asbestos and environmental losses fell more than 40 percent each; however, asbestos exposures is anticipated to rise.
The report is quoted as stating in regards to the increase, “The increase in asbestos estimates reflects ongoing, elevated levels of annual incurred losses, as well as a subtle shift of losses away from product liability claims to more costly nonproducts claims against more peripheral defendants… Also affecting asbestos losses is a growing proportion of settlements in more serious cases, principally related to mesothelioma, which is increasing the average values of such claims.”
As noted in the report, the A.M. Best Co. Inc. information is expected to be released on Monday.
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