As concerns over asbestos liability continue to mount, industry observers say carriers need to find solutions to manage the risk-other than just throwing money at it.Insurance Services Office Inc. (ISO) estimates that newly incurred asbestos loss and loss-adjustment expenses rose from $1.4 billion in 2000 to $3.7 billion in 2001. Based on partial data, Jersey City, N.J.-based ISO estimates newly incurred asbestos losses more than doubled in 2002, rising to about $8 billion.
Furthermore, the number of total asbestos claims that have been filed to date-600,000-is expected to double by the year 2040 as more and more asbestos plaintiffs come out of the woodwork, says David Austere, president of Fairfax, Va.-based Claims Resolution Management Corp., an asbestos claims processing company.
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