Brian Young: Shedding a Tear for the Insurance Industry?

Experts estimate that total U.S. deaths from asbestos will reach a half a million lives lost. Many of these deaths could have been prevented had the dangers of asbestos not been covered up and safety regulations stalled, which means that there will likely be waves of litigation on behalf of the victims of asbestos poisoning.As a result, a recent ratings firm report estimated that insurers will need to set aside an additional $11 billion for claims that will eventually total $85 billion. That’s $170,000 per victim.For some, this is not the time to make things right with the victims. Or a chance to make sure we protect against this happening in the future. Oh no, to them, this is a time to defend who they see as the real victims in all of this: the insurance companies and others who would be on the hook for the damages.As we speak, ALEC The American Legislative Exchange Council is drafting and pushing legislation to make it harder for victims to sue. Because as they see it, a “flood” of victims seeking compensation must be evidence of fraud — rather than a lot of people suffering and dying.

via Brian Young: Shedding a Tear for the Insurance Industry?.


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