The trend will continue, he said, unless companies receive some legislative relief. W.R. Grace was among the companies, filing for protection in April. Until its health risks were identified, asbestos was a popular product known for its heat resistant and strengthening properties. The product was used in insulation, pipe coverings, brake linings and in shipbuilding. Asbestos becomes dangerous when its fibers are released and inhaled.
Exposure can cause lung disease and related ailments.
The Tillinghast report is not the first estimate by industry observers warning insurers that there is trouble on the horizon. Two reports in the National Underwriter late last year served as a warning to insurers about growing concerns with the issue of asbestos claims. In October 2000, Ms. Biggs told National Underwriter that the growing issue of product reclassification was expanding the liability issue. She said then that the firm was in the process of revising its figures. The comments came on the heels of Owens Corning s filing for bankruptcy protection in the face of growing asbestos claims.