Free Newsletter
Register for our Free Newsletters
Newsletter
Zones
Advanced Composites
LeftNav
Aerospace
LeftNav
Amorphous Metal Structures
LeftNav
Analysis and Simulation
LeftNav
Asbestos and Substitutes
LeftNav
Associations, Research Organisations and Universities
LeftNav
Automation Equipment
LeftNav
Automotive
LeftNav
Biomaterials
LeftNav
Building Materials
LeftNav
Bulk Handling and Storage
LeftNav
CFCs and Substitutes
LeftNav
Company
LeftNav
Components
LeftNav
Consultancy
LeftNav
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Manufacturing Zone
Pro Security Zone
Web Lec
Pro Engineering Zone
 
 
 
News

Asbestos: next threat to the workers comp system?

AZDEL : 29 September, 2007  (Company News)
While the insurance industry grapples with the issue of fair compensation for asbestos victims, a new vulnerability may be lurking around the corner. Robert Blanco, Senior Actuary at GE Insurance Solutions, told an audience here that conditions exist that could expose the workers compensation markets to escalating asbestos claims.
While the insurance industry grapples with the issue of fair compensation for asbestos victims, a new vulnerability may be lurking around the corner. Robert Blanco, Senior Actuary at GE Insurance Solutions, told an audience here that conditions exist that could expose the workers compensation markets to escalating asbestos claims.

Blanco addressed the Annual Workers Compensation ExecuSummit in New York City, which is billed as a 'day of high-impact sessions with a 360-degree view of emerging issues, strategic intelligence, case studies, examples of success, trends and developments in Workers' Compensation Insurance ... specifically designed for insurance carriers.'

'We are moving into uncharted waters with respect to asbestos compensation, and workers compensation could be affected,' said Blanco. 'For example, if the FAIR Act becomes law, what's to keep claimants who are unsatisfied with their Fund award from also filing a workers comp claim against their employer?'

Blanco told the audience of insurance industry professionals that this type of double-dipping represents a major paradigm shift in the approach to asbestos compensation, with workers comp carriers thrust into the middle of the action.

'Traditionally, workers comp has been largely spared from asbestos claims due to statutes of limitations, smaller benefits and subrogation,' said Blanco. 'But we see factors on the horizon such as refined medical testing and increased life expectancy and are left to conclude that the pool of potential claimants and overall costs could very well grow.'

Blanco noted that the insurance industry has been rocked by asbestos and environmental claims for decades. After a brief respite, claims have escalated further in just the last five years. Whether or not the worker comp line of insurance coverage continues to be relatively immune remains unclear.
Bookmark and Share
 
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
 
   © 2012 NewMaterials.com
Netgains Logo