Asbestos Claims an Ongoing Drag on Insurer Profits

Even though asbestos has become highly regulated by the federal government, it’s still having an impact on property and casualty insurers’ balance sheets, and continues to be a source of workers’ comp claims. A report from A.M. Best declares there’s been “no slowdown” in asbestos claims, which have cost the property and casualty industry an additional $1.9 billion a year on average from 2013 through 2017. Travelers, Chubb, American International Group and The Hartford have had the largest losses from asbestos and environmental claims from 2013 to 2017, the...