Is this asbestos?

[sandyf]

If only 12 years old wont be asbestos and if you keep it covered in paint will never be a problem.

I wouldn't be so sure about that:-

http://www.nationmultimedia.com/2011/04/12/national/Health-commission-to-seek-govt-ban-on-asbestos-use-30153023.html

The problem has been blown out of proportion and a sledgehammer has been taken to crack a nut. the HSE have to justify their existance and made an issue. rather than educate people they decided a ban was more appropriate. Any dust producing product is a health hazard and the appropriate precautions should be taken.

I have worked with insulating materials for years, fibreglass, rockwool, sindanyo, thermal blankets etc. What is the difference?

It is to do with the fibre length, so if you contain the fibres there is no problem. Asbestos is perfectly safe if it is well painted and if you do have to cut or drill it take the necessary precautions.