Asbestos claims could hit the £20bn mark in the next 30 years, but the insurance industry will only need to cover half the cost, the Actuarial Profession has said.
According to research released by the group, asbestos claims are still being submitted and could cost between £8bn and £20bn in coming years.
Insurance claims are expected to be somewhere between 80,000 and 200,000 over the next 30 years.
Each claim for mesothelioma, a cancer affecting the lung lining, could cost insurers £100,000, bringing the total cost for the industry to somewhere between £4bn and £10bn.
Government and local authorities will pay compensation not covered by insurers.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
