Product recall insurance market shifts as major player adjusts strategy

Covid-19 disruption reaches product recall insurance market

Market conditions for product recall insurance buyers are changing due to uncertainty around pandemic-related claims as well as a general push for profitability by some insurers.

Pharma recall wave signals wider industry problem

The pharmaceutical sector is facing a product recall wave suggesting that there is a supply chain risk the industry needs to address, not least because the insurance market is finding the exposure difficult to underwrite.

Product recall insurance: market update Q1 2020

The product recall market saw a significant amount of renewals and new business coming into Lockton London for 1/1 and this has provided a good gauge on the state of this niche market which we would like to share with current and prospective clients.

Product recall: A high risk particularly for smaller businesses

Product recalls can become quite expensive, and smaller businesses may struggle more than larger ones to absorb the cost.

Product recall insurance buyers to benefit from rising capacity

Like many niche sectors, the product recall/brand damage market is nervously evaluating how it will be affected by the significant premium increases in parts of the property & casualty (P&C) insurance sector. Whilst we are seeing some rate increases in the short term, there are strong positive trends in the medium/longer term as insurers realise the comparatively strong growth potential and profitability of the recall/brand damage insurance market.

Adapting brand protection to a changing demand

Corporates have become increasingly vocal about their concern that the insurance industry is failing to respond to the exposure of its client base to reputational harm and brand damage. Instead, large brands are transferring the risk down the value chain, with parts and ingredients suppliers taking up the protection required to reduce the risk of the brand owner.

New UK guidelines to boost food recall cases

Product recalls are set to increase off the back of new guidelines by the UK’s Food Standards Agency (FSA) specifying the processes to trace and remove unsafe food items from the market.

Why companies must tackle the risk of food fraud

Food fraud continues to concern the UK food and beverage industry, and with good reason.