Product Recall Risks Grow As Technology Drives New Triggers

Product-related risk is one of the biggest perils facing businesses today, with recall exposures increasing significantly over the past decade, bringing the potential for larger and more complex losses than ever before, warns insurer Allianz Global Corporate & Specialty (AGCS) in a new report. Product Recall: Managing The Impact of the New Risk Landscape analyzes 367 insurance industry product recall claims from 28 countries across 12 industry sectors between 2012 and the first half of 2017. Overall defective product or work is the major cause of recall claims, followed by product contamination.