Revolutionary advances in molecular biology, coupled with demographic and social trends, and new legal developments are expected to trigger an increase in mesothelioma and asbestos-related insurance claims. And according to co-author Bill Wilt (President of Assured Research), the insurance industry’s track record on reserving for asbestos claims is dismal.
Innovative Science Solutions and two partner organizations – Assured Research and the LSP Group – have just released a new report: New Science and Law in Asbestos Litigation: A Multi-Disciplinary Look at Change and Future Directions.
Revolutionary advances in molecular biology, coupled with demographic and social trends, and new legal developments are expected to trigger an increase in mesothelioma and asbestos-related insurance claims. And according to co-author Bill Wilt (President of Assured Research), the insurance industry’s track record on reserving for asbestos claims is dismal. This state-of-the art review challenges insurance analysts and executives to ask more in depth questions about the need for new actuarial models in light of the growing litigation impact of the revolution in molecular biology.
Our new report explores advancements in biomarker science, among other scientific advancements, concluding that the next few years will bring earlier and more reliable detection of mesotheliomas and other cancers.
Some may be surprised to see research on another wave of asbestos claims. But “change” has certainly been the one constant across the five decades of asbestos litigation, and which is far from being over. Importantly, noise generated by various interest groups distracts from the core reality that mesotheliomas in the US are not falling at previously predicted rates. Accordingly, it’s not just science that is changing. Rather, some statutes of limitations are going through repeal or are being overturned as denials of human rights. In other words, the legal landscape is shifting concurrently with the revolution in molecular biology.
Notably, a scientific study published this week shows a somewhat increased risk of lung cancer in asbestos exposed individuals with a specific genetic mutation. While the new study by itself does not provide full or final answers on the topic, it does highlight the fact that scientists are conducting research that may well change litigation outcomes. Thus, insurers, risk managers, and lawyers risk being caught off-guard if they fail to invest in tracking and understanding developments in the science.
The report also highlights the fact that too many insurers appear to be relying on outdated actuarial models or are reluctant to invest the time and resources to stay abreast of these scientific developments. In that case, some insurance companies could be blindsided in the years ahead which forecasts a multi-billion reserve deficiency for the industry.
The report is composed of three major sections as follows:
The report, New Science and Law in Asbestos Litigation: A Multi-Disciplinary Look at Change and Future Directions has been published and can be purchased on the Assured Research website for a fee.
You can also download a report overview and detailed table of contents by following the link below.
On Wednesday July 8, 2020, Dr. David Schwartz of Innovative Science Solutions presented at the IADC 2020 Virtual Annual Meeting on a panel titled The Use of Genetic Testing in the Courtroom. A complimentary copy of the panel presentation is now available for download. Read more
Dr. David Schwartz of Innovative Science Solutions will be presenting at the IADC 2020 Virtual Annual Meeting on a panel titled The Use of Genetic Testing in the Courtroom. Read more
Plaintiff experts having been asserting for decades that all mesotheliomas must be linked to some asbestos exposure. Indeed, this has led to the erroneous (but widespread) view that mesothelioma is a signature disease, only caused by asbestos exposure. Read more
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