BestWeek: U.K. Insurers, Lawyers Fear Replay of U.S. Asbestos.OLDWICK, N.J. -- The rampant costs of asbestos-related claims in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. are worrying British insurers and lawyers, who are concerned the unique structure of the U.K. legal system, which has kept runaway litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. at bay, eventually may be breached, according to an article in the May 15 BestWeek. U.S. style litigation related to asbestos has been probing the British legal system and so far has been turned back, but that may not hold indefinitely, Richard Hopley, a partner with the London-based law firm Kendall Freeman, said. Speaking at a seminar on the London market held by his firm 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. , Hopley said the United Kingdom "almost certainly" has the second-largest asbestos liability problem in the world, after the United States. In some ways, the U.K. problem is more severe. For example, Hopley said there is greater exposure to so-called "blue" asbestos, the most dangerous form of the substance. Also in this week's BestWeek: --Why a senior member of Cozen coz·en v. coz·ened, coz·en·ing, coz·ens v.tr. 1. To mislead by means of a petty trick or fraud; deceive. 2. To persuade or induce to do something by cajoling or wheedling. 3. O'Connor questions whether dual regulation of insurance can work; --What the mood is for insurers as the deadline for Medicare Part D drug benefits arrives; and --How regulators and insurance leaders view the annuities business. Also featured is Best's Insurance Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". , which finished the week of May 11, 2006, at 1,114.57, up 13.92% from a year ago. The composite index reflects the performance of 134 insurance stocks. The week's top performers were Affirmative Insurance Holdings; Humana Inc.; Aetna Inc.; ACMAT Corp.; and Health Net Inc. The week's bottom performers were Scottish Re Group; Aon Corp.; Infinity Property and Casualty; FBL FBL Full Bell Lines (coin grading) FBL Fly by Light FBL FIATA Bill of Lading FBL Functional Baseline FBL Foundation for a Better Life FBL Federal Barge Lines, Inc. Financial; and SCPIE SCPIE Southern California Physicians Insurance Exchange Holdings. BestWeek is published by A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. To subscribe to BestWeek, please call A.M. Best's customer service department at (908) 439-2200, ext. 5742, or e-mail your request to customer_service@ambest.com. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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