2. Asbestos Liability. Asbestos is not a done dealFilings are continuingUnanticipated changes will affect insurer and reinsurer liabilities. 3. Asbestos Liability. Some History?What\'s Happening Today?General Observations in the U.S.Around the World. 4. What is Asbestos?. Naturally occurring fibrous mineral with a crystalline structure, containing long chains of silicon and oxygenflexiblestrongdurablefire resistantseparable into filaments.