Insurers Pleased Bush Will Target Asbestos Litigation Reform in Second Term

Property Casualty Insurers Association of America (PCI) senior vice president, government affairs, Carl Parks, released the following statement on comments made by President Bush on asbestos litigation reform last week:

“President Bush’s comments illustrate the dire necessity for a solution to the asbestos litigation crisis.

“The asbestos litigation crisis is bankrupting our nation’s businesses, clogging our court systems and delaying compensation to legitimate asbestos claimants. President Bush and legislators on Capitol Hill and around the country are all too aware of the damage the asbestos crisis is causing.

“Senator Arlen Specter (R-Pa.) is working diligently to craft legislation that will achieve a permanent solution to the asbestos crisis. While Senator Specter’s commitment to developing workable legislation is exemplary, recent draft proposals developed by the Senator do not equitably address several important issues. Insurers insist that any asbestos litigation reform measure meet the core principles of certainty, finality, equity, efficiency and affordability. Without these principles in place, no one – asbestos victims, employers, insurers, and American consumers – is well served.

“PCI encourages lawmakers to continue to try to reach an acceptable compromise on legislation to put an end to the asbestos litigation crisis. We are pleased that the President has made this issue a priority for his second term, and PCI stands ready to work with all interested parties to find a resolution to the asbestos litigation quagmire as quickly as possible.”