Asbestos litigation keeps on going. Indeed, a couple of weeks ago, AM Best put out yet another iteration of its annual report on asbestos and pollution reserves of liability insurers. Rather like the Federal Reserve’s messaging on interest rates, AM Best’s release appeared to include messaging about asbestos reserves of the insurance industry. The message? In 2016, AM Best “probably” will take a fresh look at asbestos reserves at insurance companies, with hints of what it may say. For example, consider the following statements from the press release:
“The Best’s Special Report, titled, “Asbestos & Environmental Losses Drop Sharply in 2014, But Funding Level Concerns Remain,” notes that given the consistent and high level of paid and incurred losses, this unfunded estimate may be low.”
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“With more than 80% of total industry A&E liabilities composed of asbestos losses, asbestos continues to be the “main event” when discussing A&E exposures. A.M. Best continues to monitor issues related to asbestos litigation and insured exposures with an eye toward a possible re-visiting of its $85 billion estimate of ultimate industry losses during 2016.”
That’s a long winded introduction to part of why there is a webinar next week (Thursday Nov. 19) on asbestos science and insurance industry reserves. The panel consists of our multi-disciplinary group that wrote a white paper this summer on those topics. As explained by actuary and insurance industry analyst Bill Wilt:
“Rating agency A.M. Best recently increased their estimate of the industry’s ultimate losses for asbestos to $85 billion, and for many years the insurance industry has been in a pay-as-you-go mode; both paying and accruing some $2 billion annually for asbestos liabilities. When will it end; or, will it end?”
Panelists:
Kirk Hartley – Founder, LSP Group, LLC David H. Schwartz, Ph.D. – Head of Scientific Support to Counsel, Innovative Science Solutions, LLC William Wilt, CFA – President, Assured Research, LLC
Agenda:
Summary of why multi-disciplinary teams are necessary to see beyond “the data” Recent developments in the legal perspective Overview of the scientific and medical perspective Factors that combine to influence/alter traditional actuarial techniques in use today
Continuing education credits:
CFA Institute – 1.5 hours • CPE credits – 1.5 hours • Details available online
Webinar: New Science and Law in Asbestos Litigation
November 19, 2015 • 1:00-3:30 p.m. ET
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