Oldwick, NJ - U.S. property and casualty insurers continue to suffer financially as a result of increasing asbestos losses—and there’s no predicted end to the rise. The grand total has amassed to $100 billion, up $15 billion from the previous estimate.
“The continued evolution of asbestos medical effectiveness through improved therapies, emerging drug combinations, and early diagnosis, combined with ever-evolving litigation strategies, continues to make it difficult to put finality on the ultimate costs associated with asbestos liabilities,” said an A.M. Best report.
The payouts are going to individuals who were exposed to asbestos. For many, they now have or are at risk to develop mesothelioma cancer. The most common types of asbestos exposure are military, commercial, industrial, second hand, and talc.
Mesothelioma requires drugs that can cost more than $120,000 per individual annually. The median gross income for American households is $52,000, yet many insurance companies expect families to contribute up to 30% of the total cost of cancer treatment.
The treatments are so costly because cancer is a life-threatening disease that compels patients and caretakers to act immediately. Plus, the imminent mortality (anywhere from years to months) prompts people to use the best medicine and procedures to cure the disease.
Many people also prefer brand name versus generic drugs, believing that there is a zero-sum choice between life and death with money no longer being a factor. Furthermore, rescue drugs and secondary procedures like stem cell or bone marrow transplants are often necessary to offset the negative effects of certain treatments.
Many of these cancer drugs don’t have alternatives and it’s costly for the pharmaceutical companies to make them in the first place. Getting them from other countries for cheaper is out of the question as federal regulations prohibit it.
A.M. Best thinks ultimate property and casualty insurance industry losses could reach $142 billion for asbestos and environmental (A&E). Since 2006, the industry has paid out more losses ($16.7 billion) than it has incurred ($13.5 billion).
“The P/C industry continues to incur approximately $2.1 billion in losses per year while paying out nearly $2.5 billion,” said A.M. Best.
The annual incurred A&E losses have increased and decreased in past years. For example, up 10% in 2015 and down 20% in 2014. But in 2015, asbestos losses went up 3.6% and environmental losses had a large jump up 33%.
According to A.M. Best, “With no way of knowing where the end is, and given the total funding for the industries’ asbestos losses has now reached nearly $85 billion, it is clear that the asbestos issue will continue for years to come.”
Travelers ($824 million), Chubb/INA ($311 million), and Liberty Mutual ($280 million) are the top loss payout companies. A.M. Best believes A&E reserves will be depleted within seven to eight years if no additional reserve strengthening takes place.
Source : https://www.mesothelioma.com/news/2016/12/asbestos-and-mesothelioma-cause-big-losses-for-property-and-casualty-insurers.htm
Wednesday, January 4, 2017
Thursday, March 15, 2012
Radon Gas and Lung Cancer
By Stacy Simon
When it comes to reducing your cancer risk, one important step could be right under your nose, or below your feet. Getting your home tested for radon can help protect you and your family from a key cause of lung cancer.
Exposure to radon accounts for about 20,000 deaths from lung cancer each year according to the US Environmental Protection Agency (EPA). While that is nowhere near the 443,000 deaths a year caused by smoking, it’s still significant. And it’s the leading cause of lung cancer in nonsmokers.
When radon gas is breathed in, it enters the lungs, exposing them to small amounts of radiation. This may damage the cells in the lining of the lungs and increase a person's risk of lung cancer. The risk of lung cancer is higher in those who have lived for many years in a radon-contaminated house.
The lung cancer risk from radon is much lower than that from smoking. However, the risk from radon is much higher in people who smoke than in those who don't. Exposure to the combination of radon gas and cigarette smoke creates a greater risk for lung cancer than either factor alone.
You can hire a professional tester, or do it yourself with a kit you buy at a hardware store. Follow the instructions for leaving the kit in your house for the required number of days. Then mail it to a lab and wait for the results.
If you find out that your radon levels are high, you can take steps to lower the amount of radon in your home. The most common method is to install a vent pipe system and fan, which pulls radon from beneath the house and vents it to the outside.
It is also possible for radon to enter your home through your water supply, though this is a much lower risk than radon entering your home through the soil. If you have a private well, you can have it tested for radon. If the levels are high, you can have the water supply treated so that the radon is removed before it enters your home. If you are concerned about radon and your water comes from a public water supply, you should contact your supplier.
As with most home repairs, the cost of reducing radon in your home can vary widely, depending on how your home is built (whether you have a basement, crawlspace, or neither) and what kind of system you need.
If you smoke and you know you’ve been exposed to high levels of radon, it’s very important to quit smoking. The combination of cigarette smoking and radon exposure raises the risk of lung cancer more than either smoking or radon exposure alone.
For some people exposed to radon through their jobs, like uranium miners, millers and transporters, the US government has established the Radiation Exposure Compensation Program. It offers compensation for lung cancer and some other lung diseases to people who qualify.
http://www.cancer.org
When it comes to reducing your cancer risk, one important step could be right under your nose, or below your feet. Getting your home tested for radon can help protect you and your family from a key cause of lung cancer.
Exposure to radon accounts for about 20,000 deaths from lung cancer each year according to the US Environmental Protection Agency (EPA). While that is nowhere near the 443,000 deaths a year caused by smoking, it’s still significant. And it’s the leading cause of lung cancer in nonsmokers.
What is radon?
RADON HOTLINES:
Radon is a gas that occurs naturally outdoors in harmless amounts. It’s produced from the breakdown of uranium in soil and rocks. It sometimes becomes concentrated in homes built on soil with natural uranium deposits. It can enter buildings through cracks in floors or walls, construction joints, or gaps in foundations around pipes, wires or pumps. Radon levels are usually highest in the basement or crawl space.- 1-800-SOS-RADON Purchase radon test kits
- 1-800-55RADON Live help for your radon questions
- 1-800-644-6999 Info about reducing radon in your home
- 1-800-426-4791 Info about radon and water
When radon gas is breathed in, it enters the lungs, exposing them to small amounts of radiation. This may damage the cells in the lining of the lungs and increase a person's risk of lung cancer. The risk of lung cancer is higher in those who have lived for many years in a radon-contaminated house.
The lung cancer risk from radon is much lower than that from smoking. However, the risk from radon is much higher in people who smoke than in those who don't. Exposure to the combination of radon gas and cigarette smoke creates a greater risk for lung cancer than either factor alone.
Testing for radon
Because radon gas can’t be seen or smelled, the only way to know whether it’s a problem in your home is to test for it. A Citizen’s Guide to Radon, produced by the EPA, explains how to test your home for radon easily and inexpensively, and what to do if your levels are too high.You can hire a professional tester, or do it yourself with a kit you buy at a hardware store. Follow the instructions for leaving the kit in your house for the required number of days. Then mail it to a lab and wait for the results.
If you find out that your radon levels are high, you can take steps to lower the amount of radon in your home. The most common method is to install a vent pipe system and fan, which pulls radon from beneath the house and vents it to the outside.
It is also possible for radon to enter your home through your water supply, though this is a much lower risk than radon entering your home through the soil. If you have a private well, you can have it tested for radon. If the levels are high, you can have the water supply treated so that the radon is removed before it enters your home. If you are concerned about radon and your water comes from a public water supply, you should contact your supplier.
As with most home repairs, the cost of reducing radon in your home can vary widely, depending on how your home is built (whether you have a basement, crawlspace, or neither) and what kind of system you need.
If you think you’ve been exposed
There are no widely available medical tests to measure whether you have been exposed to radon. But if you think that you have, talk with your doctor about whether you should get regular health checkups and tests to look for possible signs of lung cancer. Possible symptoms include shortness of breath, a new or worsening cough, pain or tightness in the chest, hoarseness, or trouble swallowing.If you smoke and you know you’ve been exposed to high levels of radon, it’s very important to quit smoking. The combination of cigarette smoking and radon exposure raises the risk of lung cancer more than either smoking or radon exposure alone.
For some people exposed to radon through their jobs, like uranium miners, millers and transporters, the US government has established the Radiation Exposure Compensation Program. It offers compensation for lung cancer and some other lung diseases to people who qualify.
http://www.cancer.org
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