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Mesothelioma.net Blog > Category:News |
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Archive for the ‘News’ Category
Monday, November 28th, 2011
Rising mesothelioma claims are catching insurers off-guard, according to a recent report from the Reuters News Agency. Both AIG and Hartford Financial made announcements of aggressive, multi-billion dollar funding of capital set aside for current and future mesothelioma claims in 2011. The decisions, though one-time events, have resulted in overall company losses and uneasiness for investors worried about underfunding for mesothelioma claims, as well as company profits.
Many cases of mesothelioma are due to negligence on behalf of companies who knew of the dangers of asbestos exposure, yet continued to profit from use of the mineral in consumer products and in the workplace. Individuals exposed to asbestos who later develop mesothelioma often receive a poor prognosis – with few living more than a year following diagnosis.
Furthermore, mesothelioma has a long latency period following exposure to asbestos. Some individuals will not develop the disease for several decades following exposure, leaving insurers uncertain of the value and extent of future claims. This dilemma, along with the increased costs of emerging mesothelioma treatments, has forced insurers, such as AIG and Hartford Financial, to brace themselves for big liability payouts.
However, it seems that AIG dodged a bullet. Amid worries of underfunding, in August 2011, billionaire Warren Buffet agreed that his investment firm, Berkshire Hathaway, would assume AIG’s future mesothelioma liabilities in exchange for a one-time payment from AIG worth $1.65 billion. This means that Berkshire Hathaway will pay for all future mesothelioma claims on behalf of AIG, but in the mean time, can invest the money to leverage profits before any claims payments are made.
It’s not the first time Berkshire Hathaway has assumed liability for an insurance company’s mesothelioma claims. In fact, this is the smaller of two other similar deals that were reached in 2006 and 2010 for asbestos-related liabilities on behalf of the Equitas affiliate of Lloyd’s of London and CNA Financial Corp. There’s no word on whether Berkshire Hathaway will engage in a similar transaction with other troubled insurers, such as Hartford Financial, though the investment firm has previously expressed interest in similar risk-transfer investments.
For now, however, AIG investors and mesothelioma claimants with lawsuits against AIG-insured companies can rest easy. Berkshire Hathaway will be footing the bill for all future claims, and investors can be sure that AIG will not be reserving large quantities of company funding for future mesothelioma claims.
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Wednesday, August 17th, 2011
According to a recent article in The Star, one Ottawa woman is not keeping quiet about Canada’s asbestos exportation. Michaela Keyerlingk is creatively bringing attention to what she calls hypocrisy in the federal government’s decisions.
After 47 years of marriage and four children, Michaela lost her husband, Robert Keyerlingk, to mesothelioma late in 2009. A healthy, non-smoker, Robert was a university professor who was possibly exposed to asbestos, mesothelioma’s cause, as a young man in the navy.
Following the loss of her husband, Michaela considered Canada’s heavy exportation of asbestos in light of the country’s strict domestic asbestos use policies. To raise awareness about this incongruence, and with the help of a family member, Michaela launched an online banner ad that reads “Canada is the only western country that still exports deadly asbestos!’’
However, as political rivalry between Conservative and Liberal parties continues, Michaela found a creative way to cinch her banner ad campaign. She included the Conservative Party of Canada (the current leading party) logo on the ad. With such a direct finger pointing at the federal government, Michaela was quickly contacted by a government representative. She was informed that use of the logo in that way was unauthorized. She was asked to take it off the banner.
Asbestos was mined, bought and sold around the world in large quantities through the last century. Leading nations such as UK, US, Japan and Australia built their industrial and manufacturing empires on the back of this naturally occurring substance. However, as time progressed, health hazards became more closely associated with asbestos. Realizing the toxic substance caused malignant mesothelioma and other fatal respiratory illnesses, health and safety boards begin making stands for public and employee health. Regulations for asbestos use were created and continually tightened.
Following health awareness, much of the western world greatly minimized asbestos use and sale; Canada, however, continues to export the material overseas. While international medical officials ask for Canada to close its asbestos market, the export arena, backed by the federal government, states the material to be safe as long as used properly.
Unfortunately, most developing countries using the material have little or no safety precautions in place to protect workers and the public from asbestos exposure. Health screening and treatment facilities in these countries are minimal as well, if existent at all.
In response to the federal government’s request, Michaela had a request of her own. She said she would take the Conservative Party logo off the ad if a federal government official will meet with her to hear her story and to explain Canada’s continued asbestos exportation. No such meeting has been scheduled. In the meantime, Michaela’s banner ad raises awareness and attracts attention to a growing international problem.
World Health Organization estimates twenty thousand people die of mesothelioma each year around the world. This number is considered to be a low estimate as countless cases are thought to go unrecognized and unreported. Without an immediate stop to worldwide asbestos use, it is estimated that global, annual case numbers could reach ninety thousand in just a few short years.
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Tuesday, August 16th, 2011
Mesothelioma cancer affects about three thousand American families each year. Caused by exposure to toxic asbestos fibers, mesothelioma affects the respiratory system as malignant tumors grow and spread through protective organ lining. Most often found in lung lining and called pleural mesothelioma, the disease can also affect other abdominal cavity lining, in which case it is called peritoneal mesothelioma.
Once asbestos fibers are inhaled, they can begin a mutative process in otherwise healthy tissues. Characterized by a long latency period, typically ranging from twenty to fifty years, mesothelioma does not demonstrate symptoms until decades after original asbestos exposure. This makes early detection of mesothelioma very difficult, particularly as most mesothelioma patients have no idea they were ever exposed to toxic asbestos in the first place. Malignant mesothelioma symptoms mimic those of pneumonia and bronchitis, often further postponing proper diagnosis.
Particularities of mesothelioma are not unknown to Mario De Simone, a Plymouth, Pennsylvania resident and native of Italy, whose story was covered by a recent Times Herald article.
Diagnosed in March with mesothelioma, De Simone is now home trying to rest and enjoy the time he has left with family and loved ones. De Simone is a husband, father, grandfather and sibling to three.
De Simone believes his asbestos exposure may have taken place during his employment at a steel company back in the 1970s. It wasn’t until the 1980s that asbestos regulations and workplace protection would become stringent and strictly enforced. Until then, asbestos was used heavily in manufacturing and industry in the US and other leading industrial nations. Due to mesothelioma’s latency period thousands of people suffered with the disease before the connection could be put together and steps taken to protect employees and the public.
Today, World Health Organization estimates at least twenty thousand people worldwide die of mesothelioma each year. Many cases go unrecognized and unrecorded, however, so this number is considered conservatively low. If asbestos use is not immediately halted or greatly curbed globally, ninety thousand people annually could be diagnosed with mesothelioma in the near future.
Although mesothelioma treatments exist, there is no known cure for the disease. Treatments include surgery, chemotherapy and radiation therapy, often administered in combination to relieve pain and extend patient life expectancy.
The De Simone family is hosting a beef and beer fundraiser celebration in honor of Mario. Family, friends, and participating community organizations hope to make the occasion a special one for their suffering loved one.
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Wednesday, August 10th, 2011
This week Boston news articles are advertising a fundraiser and benefit for local, Kevin Morrison, who was diagnosed with mesothelioma in February of this year. Unlike standard mesothelioma demographics, which show almost all patients between the ages of fifty and seventy, Kevin is just twenty-one years old.
Malignant mesothelioma is a rare and aggressive cancer caused by exposure to toxic chemical asbestos. Once asbestos fibers are inhaled they can begin a mutative process in otherwise healthy cells, which leads to malignant tumor development. These tumors spread irregularly through surrounding areas without showing any external signs or symptoms for a characteristically long latency period. Mesothelioma latency periods typically last twenty to fifty years. Kevin is at the age that most patients are when they first come in contact with toxic asbestos, rather than the standard age of diagnosis, which usually follows decades later.
Asbestos was heavily mined, bought and sold around the world through the last century, particularly in countries with advancing industrial markets such as US, UK, Australia and Japan. Developing countries around the world continue to use asbestos without adequate safety precautions or protection. World Health Organization estimates global mesothelioma cases are on the rise and could quickly reach ninety thousand annually if asbestos use trends are not immediately and greatly curbed.
Preferred in manufacturing for its fire resistant and durable qualities, asbestos was used in shipbuilding, munitions and military equipment construction. Asbestos was also used as an additive in countless household items and residential construction components. Although the health hazards associated with asbestos began to be understood in the late 1900s, regulations came after decades of exposure. Thousands of individuals continue to be diagnosed with mesothelioma each year following the characteristic latency period.
Mesothelioma treatments include surgeries, chemotherapy and radiation therapy. These are often administered in combination as palliative care, to focus on patient quality of life and to try to lengthen life expectancy. In standard mesothelioma cases, patient life expectancy averages just eighteen months following diagnosis.
According to local Boston news, Kevin’s health care providers have allegedly suggested alternative treatments for his case, which are not available in the Boston area. An avid athlete in high school, Kevin’s age and health may put him in a high success bracket for treatments. The specific type of mesothelioma he has been diagnosed with, peritoneal mesothelioma, has been more effectively treated in past cases than the more common plural mesothelioma, as it does not affect such primary organs like the heart and lungs. Kevin’s family and friends are holding fundraisers to try to help his family with costs of travel, treatment and care.
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Tuesday, August 9th, 2011
The area of Swindon, UK has seen years of British Railway work in its history. Unfortunately included in the rail works was toxic chemical asbestos, which was used in components of railway engines and associated equipment. Asbestos was prevalent in Swindon area railway works and commonly handled by workers in the area.
Asbestos causes several severe respiratory illnesses, including rare cancer mesothelioma. So many cases of mesothelioma have been diagnosed in former Swindon workers that the rare cancer has gained the nickname “Swindon disease.” Sadly, current Swindon Mayor Rex Barnett is the most recent patient of “Swindon disease.”
Diagnosed earlier this year with mesothelioma, it is believed Mayor Barnett began developing the disease during his employment with British Railway in the 1950s and 1960s. Mayor Barnett worked on repairs at the time that exposed him to asbestos fibers.
Characteristically, Mayor Barnett has undergone a long latency period, during which time malignant mesothelioma tumors spread through protective organ lining in irregular web like fashion.
Mesothelioma affects a growing number of people worldwide, according to World Health Organization. Although asbestos regulations have become more and more stringent in many countries, including UK, US, Australia and Japan, dozens of developing countries continue to use the toxic material without enforced safety precautions. About twenty thousand cases are currently reported annually; health officials estimate this number will quickly rise to ninety thousand if asbestos use is not halted.
Mesothelioma treatments include surgeries, chemotherapy and radiation therapy. These are often administered in combination as palliative care to focus on patient quality of life and to lengthen life expectancy. Following diagnosis, mesothelioma patient life expectancy ranges from just six months to two years.
Mayor Barnett’s health care providers have recommended chemotherapy. Although he is just at the end of his term as Mayor he has decided to move ahead with treatments sooner rather than later According to the Swindon Advertiser, he says, “I don’t doubt I could delay the chemo, but I don’t want to because I want to fight this thing now. I think every day I fight it, the better off I will be – if I said I will do my final bit as mayor and the handover properly, I’m wasting my chances.”
Mayor Barnett and his wife are known and respected for the many charitable donations they made possible through fundraisers and events. Public sympathy and concern for their sad news continues to be expressed.
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