Actuary calls for more data from UK companies.
EMB, the specialist actuarial consultancy, is calling on UK companies to contribute data for its research into claim levels for asbestos-related diseases.
Asbestos-related claims against UK businesses are expected to peak early in the next decade.
EMB has found that company-specific estimates, based on an epidemiological model produced by the Health and Safety Executive (HSE), can vary significantly from the experience of its clients.
The study aims to reach a conclusion about the number of future claims resulting from asbestos-related diseases. The results will provide an accurate picture of the expected future number of mesothelioma claims for those contributing businesses.
Steve Mathews, director at EMB said: “It all depends on the specific features of the company, what types of asbestos they were using, when they were using it and in what volumes.
“A greater volume of claim data and a further round of analysis is required before we can reach a firm conclusion.
He continued: “Future claims will be a substantial cost for big British businesses and the UK economy in the future, so it’s important we create an accurate picture of future claims. We also believe the presence of a more robust model could encourage the insurance industry to provide retrospective cover for Employer’s Liability exposures”.
“Although traditionally businesses have been able to recoup these claims from their insurers, a number of Employer’s Liability insurers have gone into liquidation over the last few decades and other solvent coverage is subject to dispute pending the outcome of high court decisions.
“This means that many companies could be impacted. It will even impact the smallest of companies who may be looking to be acquired and so need to be able to predict their future asbestos-related liability.”
Mesothelioma is the signature disease of asbestos-exposure, but can take 30-40 years to develop, after the first exposure to asbestos. A wide range of factors affect its development, including number of years of exposure, type of asbestos and age of employee when exposed.
