Insurance Marketplace Realities 2024 – Product recall

Market movement

• Dual Crisis Management has expanded to London and New Zealand.
• ARK Syndicate left the market due to loss ratio.

Food and drink marketplace

• Large losses from mid-2022 continue to be adjusted in 2023 — some large losses take 12 months to close.
• The recall market for food and drink is over $85 million+ with the addition of new capacity.
• Renewals remain competitive compared to previous years — carriers are being selective on new risks.

Automotive marketplace

• Higher limits remain a challenge — excess of $50 million.
• Large losses are driving underwriters to be more conservative with their capacity.
• Renewals and new business will take more time to market, as more information will be needed to properly underwrite these accounts.

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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