The ultimate asbestos loss for the property and casualty insurance industry is now estimated to be $85 billion, an increase of $10 billion from A.M. Best's estimate three years ago.
The ratings agency says the industry continues to incur about $2 billion in losses per year and pays out about $2.5 billion, with no end in sight. A.M. Best says total funding for asbestos losses has reached $74 billion and “it is clear that the asbestos problem will persist for many years to come.”
Environmental losses remain unchanged from previous estimates at $42 billion, making ultimate industry losses from asbestos and environmental (A&E) $127 billion.
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