Exposure to its tiny fibers, particularly over a period of time, can lead to asbestos-related diseases that include lung cancer, asbestosis and mesothelioma, according to the U.S. National Institutes for Health.

CNN: UK court ruling opens door to more asbestos claims

As well as asbestosis, there lurks the fear of tobacco claims in America, Lloyd's biggest market.

ECONOMIST: Lloyd's of London

"My research suggests something like 90% of the last 200, 000 to 300, 000 asbestosis claims that have been paid are bogus, " says Lester Brickman, a professor at Yeshiva University's law school.

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