asbestos losses News

Insurers’ Asbestos Payments in 2016 Topped $3 Billion

While U.S. asbestos-related incurred losses dropped in 2016, property/casualty insurers’ payments for asbestos claims grew 9 percent and hit $3.2 billion for the year, a new A.M. Best report concludes. The $3.2 billion figure exceeds the long-term average of $2.4 …

Asbestos Losses Continue to Haunt P/C Insurers: A.M. Best

Net ultimate asbestos losses for the U.S. property/casualty industry have risen once again. They’re now at $100 billion, and that’s $15 billion higher than the previous estimate, according to a new A.M. Best report. A number of factors appear to …

Insurers’ Annual Incurred A&E Losses Rose 12% in 2012: A.M. Best

While generally not a material drag on the U.S. property/casualty industry’s earnings, industry losses from asbestos and environmental (A&E) claims resumed an upward climb in 2012, according to a new A.M. Best Co. report. The report said annual incurred A&E …

Maryland Court Rules Asbestos Firms Not Responsible for Family Exposure

An asbestos company is not liable for an illness suffered by a woman who became exposed to the hazardous material while doing her grandfather’s laundry in the 1960s, Maryland’s highest court ruled Monday. The Court of Appeals ruled that Georgia-Pacific …

N.Y. Nassau Coliseum Workers to File Suits Over Asbestos Exposure

More than 100 workers are alleging that long-term exposure to asbestos at Nassau Coliseum has made them seriously ill. The plaintiffs represent current and former employees of the county-owned arena. They include electricians and carpenters who worked as independent contractors. …

Asbestos Loss Estimate Now at $85 Billion: A.M. Best

Insurance rating firm A.M. Best this week raised to $85 billion its estimate for losses that U.S. property and casualty insurers can ultimately expect from lawsuits brought by victims of asbestos exposure. Best, the major rater of insurance companies, raised …

The Hartford Q2 Profit Hit by Asbestos Charges, Tornado Losses

As it warned earlier, Hartford Financial Services Group saw its profit fall in the second quarter due to large catastrophe losses and a charge to increase asbestos reserves. Overall, The Hartford reported a net profit of $24 million for the …

Hartford Hit with Q2 Catastrophe, Asbestos Losses

Hartford Financial Services Group Wednesday warned it will badly miss second-quarter expectations after severe losses on natural disasters and a charge to increase its asbestos reserves. Hartford, one of three insurers to receive a government bailout during the financial crisis, …