Hartford, Connecticut-based Travelers Insurance has reported an increase in payouts for asbestos victims who have suffered with diseases like mesothelioma.
The company has explained that they have had to put 25 percent more into their asbestos reserves this year as opposed to last year. They have had to pay a greater number of asbestos victims who have been diagnosed with mesothelioma, a fatal and rare cancer that affects the lining of the lungs, heart and chest cavities.
However, as serious as this is, Travelers is just one of many insurers that have experienced this trend in 2011. Met Life, which is another major insurance company in the U.S., reported that there was an initial drop in asbestos-related claims from 2003 through 2010, but there was a spike of 11 percent in the first half of this year.
In a Reuters article by Ben Berkowitz, he explains that the reason for this rise in coverage may be attributed to the fact that there are now costlier treatments available, which shoot up insurance costs.
Toward the beginning of the millennium, several insurance companies increased their reserves in order to lower their risk, hoping mesothelioma cases would drop by now, but this has not been the case.
â€œRatings agency A.M. Best has said it expects the industry to ultimately face $75 billion in exposure to asbestos claims,â€ Berkowitz wrote, â€œand it has argued that some companies are still not fully reserved for claims they may experience.â€
Asbestos is a mineral that is extremely hazardous when its fibers become loose and airborne. Once the fibers are breathed in, several diseases like mesothelioma can ensue.
Mesothelioma can take 50 years to develop, so most of the time, victims donâ€™t even know they are suffering from the disease until itâ€™s too late. And even worse, sometimes symptoms do not present themselves as alarming, so victims never even get the medical attention they deserve.
Altough there are treatments like chemotherapy, radiation and surgery, there is currently no cure for mesothelioma. Those who are suffering with mesothelioma were most likely exposed to asbestos without even being aware of it. Most victims were exposed at work and did not have the proper safety equipment on or were not told by employers that asbestos was present in the work site. However, there is help available to all the victims of mesothelioma. Victims should speak with a mesothelioma lawyer right away to protect their rights.
All mesothelioma victims may be entitled to thousands or even millions of dollars in benefits and medical care for their disease. Mesothelioma attorneys do whatever it takes to ensure that you and your loved ones obtain the maximum compensation for your pain and suffering. Mesothelioma lawyers will investigate to find the source of your asbestos exposure and anyone found responsible will be held accountable for your disease.
Time is of the essence when battling mesothelioma so call today to set up a meeting with a mesothelioma attorney near you to fight for your rights.