Asbestos Claims are Still Alive and Growing
Insurance companies have recently increased the amount of reserves they are storing for asbestos claims. This is because there has been an increased frequency of asbestos cases this year and there are more to come in the future.
Recently, several insurance companies surprised investors when they announced increased reserve amounts for asbestos claims (http://seekingalpha.com/article/283496-insurance-is-buffett-right-about-asbestos-liability). Other insurance companies had decreased profits because of asbestos costs (http://online.wsj.com/article/BT-CO-20110803-720026.html). Insurance giant, AIG, took a staggering $1.3 Billion in reserves for asbestos due to an industry wide trend towards expanding coverage theory for liability. This is also because there has been a higher frequency of mesothelioma claims in the past year and many have also been more severe cases. Insurance companies have had significant exposure to personal injury claims arising from asbestos and it looks as if asbestos claims will continue to increase.
Asbestos takes years to manifest itself and for the effects of the exposure to appear. Many baby boomers are first realizing that they may have been exposed to asbestos and could develop a dangerous asbestos-related disease like mesothelioma. There are likely to be many more cases in the future from asbestos exposure that occurred during the Vietnam era and involving veterans of Vietnam.
While some asbestos manufactures have filed bankruptcy, many are still fully viable financially. The claims made to the manufacturers who are now bankrupt are handled by the bankruptcy trustees. Victims of asbestos are able to bring lawsuits because they have suffered because of a product whose dangers were initially concealed by manufacturers. The asbestos manufacturers knew that this product would have devastating effects but made no warnings to consumers or purchasers. The courts have recognized their liability, making it possible for victims to recover compensation for their injuries, pain and suffering. These recent developments show that there are potentially many more victims of asbestos and mesothelioma who can file a lawsuit.
With over three decades of experience, the law firm of Rudolph F.X. Migliore, P.C. is well equipped to help those suffering from Asbestos or Mesothelioma. The firm has handled over 1,200 asbestos related cases including over 100 lung cancers and works with nationally recognized co-counsel to reach major verdicts.
ABOUT THE AUTHOR: Rudolph F.X. Migliore, P.C.
Rudolph F.X. Migliore, P.C. and our associates have a proven track record of recovering compensation for clients with asbestos related diseases, including asbestosis and mesothelioma. Over the years, we have won over 1000 asbestos cases, including many multi-million dollar verdicts.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.