Asbestos: Next Threat to the Workers Comp System? GE Insurance Solutions Offers Insight at ExecuSummit.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- While the insurance industry grapples with the issue of fair compensation for asbestos victims, a new vulnerability may be lurking around the corner. Robert Blanco, Senior Actuary at GE Insurance Solutions, told an audience here that conditions exist that could expose the workers compensation markets to escalating asbestos claims. Blanco addressed the 3rd Annual Workers Compensation ExecuSummit in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , which is billed as a "day of high-impact sessions with a 360-degree view of emerging issues, strategic intelligence, case studies, examples of success, trends and developments in Workers' Compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. Insurance ... specifically designed for insurance carriers." "We are moving into uncharted waters with respect to asbestos compensation, and workers compensation could be affected," said Blanco. "For example, if the FAIR Act becomes law, what's to keep claimants who are unsatisfied with their Fund award from also filing a workers comp claim against their employer?" Blanco told the audience of insurance industry professionals that this type of double-dipping represents a major paradigm shift A dramatic change in methodology or practice. It often refers to a major change in thinking and planning, which ultimately changes the way projects are implemented. For example, accessing applications and data from the Web instead of from local servers is a paradigm shift. See paradigm. in the approach to asbestos compensation, with workers comp carriers thrust into the middle of the action. "Traditionally, workers comp has been largely spared from asbestos claims due to statutes of limitations, smaller benefits and subrogation The substitution of one person in the place of another with reference to a lawful claim, demand, or right, so that he or she who is substituted succeeds to the rights of the other in relation to the debt or claim, and its rights, remedies, or Securities. ," said Blanco. "But we see factors on the horizon such as refined medical testing and increased life expectancy and are left to conclude that the pool of potential claimants and overall costs could very well grow." Blanco noted that the insurance industry has been rocked by asbestos and environmental claims for decades. After a brief respite, claims have escalated further in just the last five years. Whether or not the worker comp line of insurance coverage continues to be relatively immune remains unclear. GE Insurance Solutions (NYSE NYSE See: New York Stock Exchange : GE) is a group of companies that protects people, property and reputations. With nearly $50 billion in combined assets, GE Insurance Solutions is one of the world's leading providers of commercial insurance, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and risk management services. More information is available at www.geinsurancesolutions.com. |
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