Romaine Lettuce E. Coli Scare Latest Case Driving Product Recall Insurance Interest

Romaine lettuce, airbags, mobile phone batteries – these are just a few of the prominent product recalls that have occurred in recent years, driving businesses to become more prepared for the financial and reputational risks associated with defective, mislabeled, or otherwise problematic products.

Heightened attention from consumer groups and federal regulators mean information about product recalls spreads more quickly and authorities become involved in detecting problems sooner. The spike in product recalls also means that more businesses, particularly in the food and beverage industry, are looking for insurance solutions.

Read more at https://www.advisenltd.com/romaine-lettuce-e-coli-scare-latest-case-driving-product-recall-insurance-interest/

Erin Ayers, Romaine lettuce E. coli scare latest case driving product recall insurance interest (May 14, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Number of Product Recalls Has More Than Doubled Over 10-Year Period

Advisen, the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market, today announced the release of a paper that discusses the economic impacts of product recalls and the importance of having recall insurance.

The paper highlights:

• the increasing trend of product recalls from 2005 – 2014

• probability of experiencing a recall of a certain size

• industry composition by type of recall for consumer products, foods/beverages/drugs, and agricultural/environmental

• actual case studies of product recalls

The number of product recalls among food and non-food manufacturers has increased significantly.

Read more at http://bit.ly/2agSb4K

Advisen Ltd. (2016). Number of product recalls has more than doubled over 10-year period [White paper]. Retrieved from http://www.advisenltd.com/2016/07/20/product-recalls-doubled-in-10-years/