Menu
02/11/2004
Asbestos health claims could top £20bn, says study
The total cost of claims from people suffering asbestos-related diseases could top £20 billion, according to the latest figures.
Publishing new research, the group said it expected the insurance industry to face up to £4 billion to £10 billion in costs.
More than half of this sum will be for mesothelioma, claims for which will continue to rise for the next 10 years. By contrast, claims for other asbestos-related diseases, such as asbestosis, will fall due to the declining use of asbestos in the UK since the 1970s, the group concluded. The future cost represents 80-200,000 new insurance claims over the next 30 years.
Whilst asbestos consumption and manufacture in the developed world has declined recently, it has continued to expand in Asia and parts of Eastern Europe. Asbestos use has fallen five-fold in North America and Western Europe since 1960, but it has increased by a similar figure in developing nations. Asbestos is being used more in Asia now than was consumed at its peak in the USA 30-40 years ago.
Julian Lowe of the Actuarial Profession, who chaired the working party which carried out the new research, said: “Asbestos is certainly not yesterday’s problem – its effects will continue to affect insurance companies and healthcare providers in the West for decades to come.
“Perhaps of more concern are the appalling demographic and social consequences of asbestos manufacture and use that will inevitably be seen in the developing world over the next 30-50 years. Urgent action therefore needs to be taken by the international community to help those nations learn the lessons of Western Europe and North America.”
(gmcg/sp)
Publishing new research, the group said it expected the insurance industry to face up to £4 billion to £10 billion in costs.
More than half of this sum will be for mesothelioma, claims for which will continue to rise for the next 10 years. By contrast, claims for other asbestos-related diseases, such as asbestosis, will fall due to the declining use of asbestos in the UK since the 1970s, the group concluded. The future cost represents 80-200,000 new insurance claims over the next 30 years.
Whilst asbestos consumption and manufacture in the developed world has declined recently, it has continued to expand in Asia and parts of Eastern Europe. Asbestos use has fallen five-fold in North America and Western Europe since 1960, but it has increased by a similar figure in developing nations. Asbestos is being used more in Asia now than was consumed at its peak in the USA 30-40 years ago.
Julian Lowe of the Actuarial Profession, who chaired the working party which carried out the new research, said: “Asbestos is certainly not yesterday’s problem – its effects will continue to affect insurance companies and healthcare providers in the West for decades to come.
“Perhaps of more concern are the appalling demographic and social consequences of asbestos manufacture and use that will inevitably be seen in the developing world over the next 30-50 years. Urgent action therefore needs to be taken by the international community to help those nations learn the lessons of Western Europe and North America.”
(gmcg/sp)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
14 February 2002
Exposure to asbestos causes 5,000 deaths a year
The TUC has launched 'Asbestos: no hiding place' a new guide for workplace union safety representatives on how to help prevent exposure to asbestos, based on forthcoming Regulations from the Health and Safety Commission.
Exposure to asbestos causes 5,000 deaths a year
The TUC has launched 'Asbestos: no hiding place' a new guide for workplace union safety representatives on how to help prevent exposure to asbestos, based on forthcoming Regulations from the Health and Safety Commission.
16 April 2014
Local Insurance Company Removes Common Van Insurance Obstacles
Local company, Find Insurance NI, is going that bit further to make life easier for their van insurance customers. Whether you use your van for business or pleasure, making sure your insurance policy is up to date is one of those necessary evils that you just can’t avoid. The team at Find Insurance NI understand that your time is precious.
Local Insurance Company Removes Common Van Insurance Obstacles
Local company, Find Insurance NI, is going that bit further to make life easier for their van insurance customers. Whether you use your van for business or pleasure, making sure your insurance policy is up to date is one of those necessary evils that you just can’t avoid. The team at Find Insurance NI understand that your time is precious.
12 September 2001
US insurance claims will run into billions
The insurance industry could be in line for the biggest claims in its history following Tuesday’s terrorist attacks in the US. Within minutes of the attack, insurance stocks were plummeting in the face of claims which are certain to amount to billions of dollars.
US insurance claims will run into billions
The insurance industry could be in line for the biggest claims in its history following Tuesday’s terrorist attacks in the US. Within minutes of the attack, insurance stocks were plummeting in the face of claims which are certain to amount to billions of dollars.
27 February 2013
Guidewire Software Creates New Positions
Guidewire Software, a global provider of software solutions to the general insurance industry, is creating 75 new positions in 2013 to add to the existing 50 employees already employed at its Global Services' and Regional Development Centre in Blanchardstown, Dublin.
Guidewire Software Creates New Positions
Guidewire Software, a global provider of software solutions to the general insurance industry, is creating 75 new positions in 2013 to add to the existing 50 employees already employed at its Global Services' and Regional Development Centre in Blanchardstown, Dublin.
03 April 2003
FSB demands genuine budget for business
In a budget submission sent to the Chancellor, the FSB has identified tax inequalities, rising business costs and liability insurance premiums as the three key issues facing small firms. Calling on the Chancellor to deliver a genuine budget for business this April.
FSB demands genuine budget for business
In a budget submission sent to the Chancellor, the FSB has identified tax inequalities, rising business costs and liability insurance premiums as the three key issues facing small firms. Calling on the Chancellor to deliver a genuine budget for business this April.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
