AM Best Blames Lung Cancer Claims for 12% Increase in Asbestos Costs

According to Business Insurance:

"Asbestos and environmental insurance claim losses increased in 2012 due to a rising number of asbestos-related lung cancer lawsuits, A.M. Best Co. Inc. said Monday.

The Oldwick, N.J.-based rating agency said annual asbestos and environmental insurance losses rose 12% last year, compared with a 31% decrease in 2011.

Best estimated that as of December 2012, the U.S. property/casualty industry faced $85 billion in net ultimate asbestos losses, up from the agency’s 2011 estimate of $75 billion."

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