United States – Asbestos Loss estimate rises to $100 billion
Wednesday, 11 30 2016, Category: Insurance and Reinsurance, Country: United States
US property/casualty insurers can expect losses from third-party liability asbestos claims to increase 18 percent to $100 billion, according to an AM Best report.
AM Best said that the $15 billion increase to the net ultimate asbestos loss estimate comes as insurers are incurring approximately $2.1 billion in new losses each year while paying out nearly $2.5 billion on existing claims. As a result, the ultimate industry losses for asbestos and environmental (A&E) is now $142 billion.
Industry funding of the $142 billion in net A&E exposures has reached approximately $124 billion, broken out by $98.1 billion in cumulative paid-to-date losses and $26.3 billion in reserves set aside for future payments.
Source: Intelligent Insurer