Asbestos is not as commonly used today as in the past, but two of the country’s largest insurers warn that funds for lawsuits are getting smaller. Many insurance companies view asbestos-related diseases as a problem of the past century, but mesothelioma can take decades to manifest.
According to Reuters, cases of mesothelioma are decreasing mainly due to the heavy regulations imposed on asbestos use, but companies are being sued with more regularity than in previous decades. They attribute the rise in lawsuits to more savvy plaintiffs, and their highly skilled mesothelioma attorneys.
AM Best, who rates insurance companies warned that some insurance companies are underfunded in regards to their asbestos reserves. The Insurance Information Institute told Reuters, that asbestos reserves matured between 2001 and 2005, but minimized every year since, through 2009.
Though, the American Cancer Society reported a decline in stateside mesothelioma cases, the reduction in reserves comes from mesothelioma lawyers becoming more competent at litigating cases of secondary asbestos exposure, and lawsuits from “peripheral insureds,” or contractors who worked where there was a presence of asbestos.
Even though some insurance companies have seen a decline in the number of mesothelioma and asbestos lawsuits many still struggle with whether to continue building their asbestos reserves or apply the funds elsewhere. But AM Best has advised that insurance companies keep reserves in line with their peers, despite the decline of patients who contract mesothelioma.
As long as asbestos is still present in buildings and ships throughout the country, many people will hire mesothelioma attorneys to win the settlements they need for pricy medical treatments.
