The cost of exposure to asbestos will get much higher. Outlays for asbestos claims total $54 billion, and most analysts believe that the number of claimants and total payouts will continue to rise, according to a study by Sebago Associates commissioned by the American Insurance Association. Tillinghast-Towers Perrin, an actuarial consulting firm, projects that 1.1 million claims will eventually be filed, with the total cost to defendants and insurers amounting to $200 billion. Milliman USA, another actuarial consulting firm, also forecasts 1.1 million total cumulative claims, but it projects higher total costs of $275 billion. An estimated 1.3 million people in the construction industry are still exposed to asbestos, including drywall hangers, pipe fitters, carpenters and those in building demolition and remodeling. Click here for entire story.
This crisis in medical care and the resulting costs require immediate funding at the federal level in order to effectively and comprehensively address treatment and finding a cure for asbestos diseases.