Personal injury news

Asbestos: the human and financial cost

The global cost of asbestos related diseases is expected to eventually reach and even exceed $200billion. $120billion of that sum is expected to be paid by the global casualty insurance industry. The financial cost of asbestos illness is a huge drain on profits for a large amount of insurance companies. The effects of asbestos are staggered so the worst may still be to come.

People who have worked with asbestos in the past are frequently developing fatal illnesses such as mesothelioma and emphysema. Asbestos fibres are incredibly dangerous when inhaled and just one small fibre can lead to serious illness if it lodges in any part of the respiratory system.

Workers in construction industries, who were exposed to asbestos some years ago, are only seeing the affects of the exposure many years later. This means that workers, who are still coming into contact with the deadly material, will not see the effects for another twenty or thirty years.

There are significant differences in the way that asbestos compensation is dealt with in Europe and in the US . Cover for US asbestos claims was provided in the US and London markets and reinsured globally. Cover for European asbestos personal injury cases, is generally within Europe . In the US compensation is sought from the manufacturers of asbestos and products containing asbestos rather than the employers. Actions are therefore brought in tort and usually under product liability or premises liability. Cases are also trial by jury.

In Europe some of the effects of asbestos are carried by the NHS, rather than private industry and its insurers. Compensation for asbestos related cases are also related to the employer and not to the manufacturer. The problem with seeking work accident compensation from employers is attributing blame. People who have contracted asbestosis or another related illness have typically worked for several different employers, and were exposed for a long period of time. The problem is allocating the cost amongst several employers.