Asbestos litigation is on the rise and insurance companies are finding it necessary to increase their reserves to settle these cases.
Asbestos can cause a range of pulmonary diseases but mesothelioma is a particularly aggressive disease that requires special treatments. Mesothelioma is a cancer where tumors grow on the linings of the lungs, heart and abdomen.
It can take anywhere from 20 to 50 years for this aggressive lung cancer to manifest is patients, so insurance companies will need funding well into the future to pay the settlements reached with mesothelioma attorneys and their ailing clients.
Reuters news agency reported that Hartford Financial of Hartford, Connecticut and AIG International of New York City have experienced a dramatic increase in the monetary amounts awarded to victims of asbestos exposure. Settlements can range into millions of dollars. Hartford Financial saw a $290 million decline in their profits because of the funding transferred to asbestos reserves. And AIG put $4.1 billion in its reserves.
Treatment for mesothelioma can be costly, a patient will need anywhere from $150,000 to $1 million to cover their medical bills. And many people who have this disease find it necessary to recoup their financial losses by retaining a mesothelioma lawyer.
Asbestos use is on the decline and regulated by the EPA, but most of those who will be affected were exposed before doctors were aware of the dangers. Cases filed by mesothelioma attorneys will continue until asbestos is completely eradicated from our buildings and homes, and this will be many years from now.