Mesothelioma victims and their families have few paths to getting justice from the companies whose negligence led to their illnesses. Filing personal injury lawsuits for compensation remains one of the best options, but a recent report is driving new concerns about future success. According to an S&P Global Market Intelligence analysis released Monday, insurance companies’ asbestos liability reserves fell to $12.37 billion in 2024, even as there was a 29 percent surge in actual claim payments and expenses. This is raising serious questions about whether insurers have set aside enough money to compensate future victims.
The Costs of Mesothelioma Continue to Grow
Thousands of families have been devastated by mesothelioma, and the growing gap between shrinking reserves and rising costs is threatening the compensation they desperately need to pay for medical bills, lost wages, and end-of-life care. The report shows that net incurred asbestos losses jumped from $986.2 million to $1.29 billion, while reserves continued a 14-year downward trend.
Few mesothelioma families pursuing legal claims know that their compensation depends on a few carriers responsible for decades-old insurance policies covering asbestos companies. Most successful settlements and verdicts are paid this way, with just 15 companies holding 90 percent of all asbestos reserves used to compensate victims. Berkshire Hathaway, The Hartford, American International Group, and Travelers carry the majority of these liabilities, and the financial security of their payments depends on whether these insurers maintain enough money in reserve to pay claims.
Mesothelioma Victims Wait Decades for Payments
Mesothelioma’s long latency means victims’ symptoms don’t appear until 20 to 50 years after exposure, and after this extended period of time, it is especially frustrating for them to discover that insurance companies may have underestimated how long they would need to pay claims from policies written decades earlier. S&P’s analysis warns that the “tail” on these decades-old policies extends much longer than carriers anticipated, directly impacting families who thought compensation ordered by courts would be delivered.
For construction workers exposed to asbestos insulation in the 1970s or Navy veterans who breathed asbestos fibers decades ago, a mesothelioma diagnosis goes beyond facing a terminal illness. The combination of rising claim costs and declining reserves raises frightening questions about whether insurance money will still be available to cover their medical treatment, provide for their families, and offer compensation for their suffering.
Every mesothelioma victim deserves compensation, but these insurance industry trends are cause for concern. If you or someone you love needs guidance, contact the Patient Advocates at Mesothelioma.net today at 1-800-692-8608 to learn more.
