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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)
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