Tougher legislation, a growing number of recalls and amplified media scrutiny are driving increased interest in the market for Product Recall Insurance products.
- The Food Safety Modernization Act, which tightened standards for food manufacturers in the U.S., has brought renewed interest among manufacturers and suppliers in Product Recall policies
- · An increased number of players in the field has impacted pricing in this market
- · Expenses of a recall can be enormous, necessitating specialized cover for manufacturers and driving coverage requests Read More
Claims in the Product Recall segment tend to be substantial, as the dollar losses—especially in the food & beverage industry—are typically large and the repercussions extreme, experts say. Read More
For Nicky Alexandru, head of Crisis Management and vice president of Global Casualty for AIG, the Product Recall segment is an ongoing process of discovery. Read More
Enjoy!
Shawn Moynihan
Executive Managing Editor
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