Event Date/Time: Apr 28, 2003
End Date/Time: Apr 29, 2003
This conference will examine the increasing tide of asbestos claims in the UK and the US, where the largest payouts are being made for asbestos settlements. The following statistic gives an indication of why interest in the topic is so high:A recent Tillinghast-Towers Perrin study warns US asbestos claims are expected to rise through 2004 to a cost of $200billion. US insurers will bear 30% of losses and non-US insurers could bear 31% (Mealey’s Litigation Report: Reinsurance, 19 July 2001). The insurance industry is already facing large payouts post-September 11th and are having to look to massively reduce their costs, and with many asbestos manufacturers and users going bankrupt, insurers are unexpectedly finding their clients facing claims – manufacturers of masks, for example, which were meant to protect against dust exposure are now facing claims from sick employees whose employers have become insolvent and can no longer be sued. In the UK, the Fairchild Ruling, has ruled that sufferers of mesothelioma can only sue employers if they can prove where they were working when they contracted the disease – which in practice, is nigh impossible – this goes against previous established precedent. Whilst in the US, claimants are winning muli-million dollar settlements for fear that they might contract asbestos-related illnesses!!!Insurers and reinsurers are now faced with the prospect of claims coming in for many years and need to know how best to safeguard their own position to meet this.