Hardie asbestos claims may have peaked

Quoted from http://news.smh.com.au/breaking-news-business/hardie-asbestos-claims-may-have-peaked-20111117-1nkq6.html


Hardie asbestos claims may have peaked


Kim Christian

November 17, 2011 – 5:04PM


Asbestos claims against James Hardie may have peaked but it could take about a decade until compensation costs begin to wane.


The building products manufacturer, which set up a fund in 2001 to compensate people exposed to deadly asbestos dust, said the number of claims being made was now running below “actuarial forecasts”.


“This year was projected to be our peak but the way it’s going it looks like we might have actually peaked in 2008,” James Hardie chief executive Louis Gries told AAP.


However, he said the value of claims would not peak for at least eight to nine years due to inflationary effects.


Following the experience of similar claims in the United States, Mr Gries was confident that cash compensation payouts would begin to decline within a decade.


[Article continues at original source]


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