Big Bonuses For Insurance Staff in Asbestos Cases

The Independent have this weekend reported that highly paid insurance companies are refusing to pay compensation to families of asbestos –related cancer victims, yet are they themselves receiving huge sums of money in bonuses and pay packets.

Municipal Mutual Insurance, Builders Accident, Excess and the Independent Insurance Company are the four insurance companies that are currently in a legal battle fighting to minimise payouts to 25,000 families who have a member who has died or is suffering from mesothelioma cancer due to exposure.

Seen as highly controversial, other insurance companies are distancing themselves from the case. The case goes to the Supreme Court in December, with each company arguing that employer’s liability is restricted to when the cancerous tumours started to develop instead of when the victims were exposed to the asbestos.

The details of bonuses received is still unclear, but experts in this field say that it’s common practice for executives to received bonuses based on financial performances. Ian Willett of MMI (Municipal Mutual Insurance) had admitted that he received a bonus for saving the company money in asbestos payments, also admitting that if the case outcome is successful that he is likely to have his bonus affected by this as well.

The full article in The Independent can be read here.