Reinsurers May Be Spared Asbestos Claims
Up until 1998, the U.S. insurance industry experienced a flat-to-slightly-decreasing trend in asbestos claims and payments, demonstrated by the fact that in 1995, the industrys asbestos payments were $1.3 billion compared to $1.0 billion in 1998, or a decrease of approximately 20 percent.
However, this trend dramatically reversed itself in 1999 and 2000, in which the industrys payments increased by approximately 50 percent. (Table 1 displays the historical industry paid losses over the last six years.)
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