David Austern, president of Claims Resolution Management Corporation (CRMC), a pioneer in asbestos claims resolution, will discuss issues affecting the insurance industry regarding asbestos litigation Nov. 12 at the ISOTech insurance industry conference in Lake Buena Vista, Fla.
During “Mass Torts: Managing Complex Claims,” Austern will educate insurance professionals on how to manage and coordinate claims such as asbestos to get the best results at the lowest costs as well as how technology can hold the key to dealing with complex mass tort claims.
“Asbestos claims are one of the most critical issues facing the insurance industry today, and much more expensive than the 9-11 terrorist attacks, for instance,” Austern said. “With claims on the increase, it’s essential that insurers understand the complexity of the situation and develop options for dealing with it.”
According to a Sept. 2002 report by the RAND Institute for Civil Justice, injuries from asbestos exposure have already led to more than 500,000 claims against 1,000 companies and more than 40 bankruptcies.
A.M. Best reports that U.S. insurers have spent about $26.1 billion on asbestos claims through 2000, and analysts at Milliman USA estimate that foreign insurers have spent $7 to $10 billion. Actuarial firm Tillinghouse-Towers Perrin has estimated the total cost to U.S. insurers, non-U.S. insurers and corporations to be $200 billion.
Austern will speak from 8:30 to 9:45 a.m. Tuesday, Nov. 12. For more information on the conference, visit www.iso.com.