Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Property - Casualty / General Insurance
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

2017 ACTUARIAL SALARY SURVEYS
Contact DW Simpson for a Personalized Salary Survey

Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 12-16-2018, 07:41 AM
The_Polymath's Avatar
The_Polymath The_Polymath is offline
Member
CAS SOA
 
Join Date: Jun 2016
Posts: 1,164
Default Question about Product Liability Insurance

I am not sure if you guys have been following the news about the contamination of Talc Powder with Asbestos (Johnson & Johnson product)

Keeping in mind that they suppressed some of the early research on this problem (going back to the 70s) would their insurance carier cover some of the eventual claims (the talc powder that had small parts of Asbestos caused a range of cancers) or could the carrier argue that this was fraud (and thus pay nothing)?

https://www.reuters.com/article/us-j...ource=facebook
__________________
Quote:
Consistency is the hobgoblin of little minds
Reply With Quote
  #2  
Old 12-16-2018, 12:20 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 48,242
Default

Wouldn't be surprised if they did, or if they go to court over this.
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #3  
Old 12-17-2018, 04:14 PM
tommie frazier tommie frazier is offline
Member
 
Join Date: Aug 2003
Favorite beer: The kind with 2 e's
Posts: 22,977
Default

can the carrier claims anything and avoid liability for it? in general, maybe. in asbestos cases...not sure they have had success
Reply With Quote
  #4  
Old 12-17-2018, 04:40 PM
PeppermintPatty's Avatar
PeppermintPatty PeppermintPatty is offline
Member
CAS
 
Join Date: Sep 2001
Posts: 39,759
Default

Asbestos is an extremely long-tailed liability. There are probably relevant policies that predate that research in the 70s.

But for the later policies? I dunno, maybe. The courts have tended to rule that carriers are on the hook for asbestos, though. Ralph Blanchard has done an excellent presentation on "Mass Tort Reserving" several times, that points out that there are cases where carriers have been required to pay asbestos claims even though no one could find a policy. Maybe there was an old plaque that said "insured with XYZ for for 25 years", and even though the insured may only have purchased WC and not GL in some of those years, the courts ordered XYZ to pay as if there had been a liability policy, making up liability limits based on typical policies from the time.

So... maybe?
Reply With Quote
  #5  
Old 12-17-2018, 05:44 PM
therealsylvos's Avatar
therealsylvos therealsylvos is online now
Member
CAS
 
Join Date: Mar 2014
Posts: 16,906
Default

I could post my opinion, but don't want the AO to get subpoenaed imo.
__________________
Quote:
Originally Posted by ao fan View Post
i like laying in the tube and pretending that i'm dead.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 09:43 PM.


Powered by vBulletin®
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.16966 seconds with 11 queries