Skip to content
Call on 01706 309 000

Insurance Companies to Payout £300 Million in Asbestos Compensation

Mesothelioma is a type of cancer that’s most commonly associated with prolonged asbestos exposure. Many people who have contracted this illness as a result of working with asbestos are able to claim compensation from their previous employers.

However, for many people this simply isn’t possible.

One of the major difficulties that asbestos related mesothelioma causes is the period between exposure and the development of symptoms. In some cases this gap can be up to 25 years!

For those wanting to claim asbestos compensation from their previous employers this presents an obvious problem. Unfortunately, many of the companies that victims were working for over 15 years ago no longer exist. For many asbestos victims this has made claiming compensation almost impossible.

Luckily for these victims, insurance companies and government ministers have recently reached an agreement which should help ease this problem. A scheme has been started which, it is estimated, will help approximately 3,000 people who have been affected by this disease.

£300 million compensation payout

Over a 10 years period it is expected that insurance companies will payout something in the region of £300 million to help those victims who stand little chance of winning compensation from their previous employers. The first payments are expected to be made in July 2014.

Though this seems like a large step in the right direction, there are many who have been quick to point out that this isn’t enough. Various legal firms are concerned that this new agreement will only affect victims who are diagnosed from this point onwards. What about those who’ve already been diagnosed?

Though it’s clear that it’s not the absolute solution, it does seem like a step in the right direction. It also shows that both the government and insurance companies are willing to work together in finding solutions.