2024 Product Recall Insights: Trends and Predictions for US Industries (Sedgwick)

2024 Product Recall Insights: Trends and Predictions for US Industries

Friday, May 17th, 2024 Auto Insurance Industry Legislation & Regulation Technology

The "2024 State of the Nation Recall Index" report by Sedgwick provides a comprehensive overview of product recalls across the United States. In 2023, the report recorded 3,301 recall events, marking a five-year high. Notably, the pharmaceutical and consumer products sectors experienced their highest recall rates in the past decade, with 517 and 322 events, respectively. Despite the increase in recall events, the total volume of units recalled decreased significantly from 1.48 billion in 2022 to 759.36 million in 2023.

The report highlights a surge in consumer product recalls, setting a seven-year annual high with 135.23 million units impacted. Conversely, medical devices and pharmaceuticals saw significant declines in the number of affected units. Electrical systems emerged as the leading cause of automotive recalls in 2023, while quality concerns and parts issues dominated the medical device recalls.

One of the significant trends discussed is the growing focus on cybersecurity, especially in medical devices and automotive sectors, as software and digital integrations become more prevalent. The report also emphasizes the impact of regulatory changes and the increasing scrutiny on online marketplaces to ensure product safety.

As industries navigate these challenges, the report suggests that effective recall strategies and collaboration with regulatory bodies are crucial for minimizing risks and protecting brand reputation.

Claims Pages Staff Writers are dedicated professionals covering a broad spectrum of insurance topics, including auto, catastrophe, education & training, fraud, legislation, liability, life & health, litigation, property, risk management, technology, underwriting, and workers' compensation. With over 25 years of distribution, our publication brings you accurate and timely information to keep you informed and ahead in the claims industry.

External References & Further Reading

Mid-America Catastrophe ServicesGRIP(Globe Roof Inspection Program)Hancock Claims Consultants LLC

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