The asbestos tragedy did not have to happen. One of the main reasons that it did was because of the insurance situation. Insurers such as Metropolitan Life had $5.5 billion dollars at risk in the late 1920’s, and they were losing approximately 120% of their premiums on dust disease claims. Because of this, Metropolitan Life and others instituted programs to have workers with non-disabling illnesses fired (without informing them of their medical situation) so that the workers would lose their insurance before they became sick enough to make claims. Moreover, Metropolitan Life, manufacturers and other insurers established workers’ compensation schemes to protect clients/companies. They also established TLVs to provide a defense against worker compensation claims and civil lawsuits. This conspiracy of insurance and manufacturing companies was initially set up to defraud miners of their life and disability insurance. It was, however, not limited to this, and one of the end results was the asbestos tragedy of the twentieth, and now twenty-first, centuries. We will explore the history of this conspiracy through documentary evidence and discuss current remedies to this ongoing occupational problem.
Learning Objectives: Learn from the past, so as not to repeat similar mistakes in the future.
Keywords: Asbestos, Insurance
Presenting author's disclosure statement:
Organization/institution whose products or services will be discussed: None
I do not have any significant financial interest/arrangement or affiliation with any organization/institution whose products or services are being discussed in this session.