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What is the average settlement for asbestos claim? Quick Answer
- Before going to trial, asbestos settlements typically range from $1 million to $2 million. According to Mealey's Asbestos Litigation Report, the median asbestos award was $7.7 million in 2022.
Explore the evolution of median awards and settlements in asbestos cases, covering mesothelioma, talcum powder lawsuits, and evolving gender dynamics.
The Landscape of Asbestos Claims
Asbestos claims frequently result from illnesses such as mesothelioma, a severe cancer primarily linked to asbestos exposure. Additionally, these cases also include talcum powder lawsuits, where asbestos contaminated talc-based powder products. For those impacted, understanding the average settlement amounts in asbestos claims is crucial, especially for workers exposed to asbestos in construction accidents.
Fluctuations and Growth in Asbestos Award Amounts
According to Mealey's Asbestos Litigation Report 2022, between 2010 and 2022, median asbestos award amounts showed notable fluctuations, beginning at $3.2 million and reaching a peak of $7.7 million by 2022. Despite some years seeing declines, the overall trend indicates a significant increase, culminating in a steep rise toward the end of the period. This highlights the evolving landscape of asbestos litigation and compensation.
Average Asbestos Settlement Amounts
Exactly what is the average settlement for asbestos claims? The majority of asbestos claims are resolved before reaching trial. The report indicates that the average pre-trial settlement for an asbestos claim, especially those related to mesothelioma, typically ranges between $1 million and $2 million. These settlement amounts are designed to compensate for damages such as medical expenses, lost wages, and pain and suffering.
Factors Affecting Asbestos Settlement Amounts
When you file a claim with an asbestos settlement fund, you must describe your health condition, including the asbestos-related diseases you developed. The claim administrators will categorize your claim according to several factors, and the asbestos compensation you receive will depend on which category you fall into.
Some factors a claim administrator may consider include the following:
- Your age
- The diagnosis you received
- Whether your prognosis is terminal
- How much you spent on medical care
- Your earnings history
Generally, young claimants with high salaries and terminal diagnoses will receive the highest settlements.
Trends in Asbestos Litigation
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Data from 2014 to 2023 demonstrates a decrease in asbestos filings over time. Several factors have contributed to this trend. For example, products containing asbestos have been off the market for decades due to litigation and bans on mining and manufacturing.
Furthermore, many companies that mined and manufactured asbestos products have been bankrupted by settlements, precluding some plaintiffs from seeking lawsuits. However, many of these companies still have trust funds that pay out settlements, so potential plaintiffs often file claims rather than lawsuits.
Even though filings have fallen, plaintiffs still filed nearly 4,000 new cases in 2023, indicating that it’s still a present problem.
Looking Ahead
The trends in asbestos litigation, including mesothelioma and talcum powder lawsuits, continue to evolve. As legal strategies and medical understandings develop, so too do the patterns in settlements and verdicts.
So what is the average settlement for asbestos claim filings? Claim administrators pay different amounts depending on the asbestos-related disease. Although many claimants have aggressive diseases like mesothelioma and lung cancer, those with less aggressive diseases like asbestosis are also eligible for settlements.
ConsumerShield is dedicated to educating injured consumers and workers about their rights. Our educational resources can help you explore your right to claim an asbestos settlement or other settlements for chemical exposure.
We also provide free case reviews and can connect you with legal representation for additional assistance. Contact us to learn more today.
