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Assured Research, a New Jersey-based firm that analyzes the property/casualty insurance industry, believes that in forecasting serious asbestos-related claims, some of the country’s largest insurers and consultants appear to be ignoring relevant changes in medical knowledge, demographics, and even social media. As a third wave of costly asbestos-related claims strikes the nation in the years ahead, many insurers will be swamped with “unexpected” reserve charges, according to a new study by Assured Research, “A Third Wave in Asbestos Liabilities Lies Ahead.”

“In studying asbestos-related claims, we’re seeing evidence of outdated actuarial models,” explained Assured president William Wilt. “Since they’re based on 30-year-old epidemiological and demographic data, they can’t accurately forecast asbestos-related claims. Some insurers also seem to be ignoring advances in medical knowledge and diagnosis – and the changing behaviors of consumers and personal injury lawyers,” said Mr. Wilt.

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