New Asbestos Suits Hit Insurers Directly
The newest twist on the asbestos liability problem could imposedirect liability on property-casualty insurers, according to areport recently published by Moody's Investors Service.
In a report entitled, “Rising Asbestos Losses Pressure Ratingsof Commercial Insurers,” analysts from the New York-based ratingagency describe trends giving rise to mounting asbestos-relatedproblems for p-c insurers, warning that asbestos underfunding mightbe the principal driver of rating downgrades for p-c insurers in2002 and beyond.
After recapping some well-reported adverse trends (such asasbestos-related bankruptcies and suits against peripheraldefendants that have produced a spike in claims frequency in thepast two years), Moody's reports that an infrequent event–classactions seeking to impose “direct liability” on p-c insurers–is a“troubling legal trend.”
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