Insurance Marketplace Realities 2023 – Product recall

Rate predictions: Product recall

	Trend	Range
Product recall		-3% to flat

Numerous large-scale movements in the recall market are slowly coming to light.

• The noteworthy Smucker JIF loss is motivating large food manufacturers to purchase catastrophic coverage.
• This loss will reshape the markets’ use of capacity.
• We can also see further concern over coverage for whole genome sequencing of microbiological contaminations.
• A major MGA has emerged as a new market and is helping drive the rate decreases that we are seeing.
• Three new markets are emerging in London.
• New endorsements addressing mold, fungus and rancidity are appearing.

Flat renewals to small increases are giving way to small, single-digit rate reductions, but buyers should be ready for market hardening later in 2023.

Disclaimer

Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).

Contacts

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Kevin Velan

Director National Product Recall Team

email Email phone +1 312 288 7140

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Shawn McCleary

Associate Director, National Product Recall Team

email Email phone + 1 312 288 7351

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Jonathan McMahon

Senior Broker, National Product Recall Team

email Email phone + 1 716 471 3195

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