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Asbestos case payouts increasing

The latest report on the cost of asbestos disease and mesothelioma shows that the amount of insurance company payouts from settlements and lawsuits continue to spike upward.

A news item in Business Insurance says that A. M. Best, a U.S., insurance industry ratings agency, pegs payouts in 2016 at $3.2 billion, up 9 percent from the year before.

The average annual rise in payouts is $2.4 billion. The total amount of payouts over the past 5 years exceeds $17.6 billion.

This spike contradicts the belief that asbestos and mesothelioma deaths are declining as a factor in the nation's health.

The report is titled “Asbestos Losses Continue to Rise; Environmental Losses Remain Stable.”

You may have heard that the funds set aside to pay for asbestos and mesothelioma cases are in the area of $30 billion. But the Business Insurance article points out that the amount remaining may only extend about 7 years unless additional funds are added to the reserve.

Those additional funds will be necessary. A.M. Best estimates future asbestos losses for U.S. insurance companies may go as high as $100 billion.

About Gori Julian & Associates PC

We are a mesothelioma firm based in based in Edwardsville, Illinois, identifying mesothelioma victims nationwide and protecting their interests as they grapple with this deadly disease.

We serve as an informational resource and as a source of dedicated, effective advocacy in courts across the United States.

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