“Asbestos liability looks to be one of the largest ever faced by businesses in the United States and abroad,” proclaims the Institute. “For the U.S. insurance industry, asbestos-related losses could eventually reach as much as $65 billion, more than the combined total for the September 11 terrorist attacks and Hurricane Andrew.” What’s more, it says, the cumulative liability, including U.S. and foreign insurers and companies’ uncovered liabilities, could reach $200 billion.
In a report called “The Asbestos Threat,” by Raymond J. Keating, chief economist for the Small Business Survival Committee, “The targets of asbestos lawsuits now have spread far beyond asbestos manufacturers to businesses that had absolutely nothing to do with the production of asbestos. Thousands of businesses are now in the crosshairs of asbestos litigation. And they range from huge multinational firms down to local small businesses.”