Friday, March 23, 2018

Allianz AGCS: Product Recall

AGCS analysis shows that defective product-related risk is the single largest driver of liability claims. Product recall losses are a major contributor.

Product–related risk is one of the biggest perils businesses face today. Defective products not only pose a serious safety risk to the public but can also cause significant financial and

reputational damage to the companies concerned. Defective product incidents have caused insured losses in excess of $2bn over the past five years, making them the largest generator of liability losses, according to AGCS. Product recall losses are a major contributor.

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