A faulty pedal causes a car to inadvertently accelerate. An outbreak of contaminated peanuts results in a 25% industry-wide reduction in sales. Each of these incidents triggered major product recalls, resulting in billion dollar losses. This podcast follows on the heels of the new AGCS expert publication, Product recall: Managing the impact of the new risk landscape.
Product recall exposures have increased significantly over the past decade, meaning that there is an increased potential for larger and more complex losses. Defective products not only pose a serious public safety risk but can also cause significant financial damage to the companies responsible. AGCS Global Head of Crisis Management, Christof Bentele, discusses the considerable risks associated with product exposures and illuminates the insurance solutions that can help customers better manage them.
Table of Contents:
1:40 - 4:30 What are the steps to a product recall?
4:31 - 7:20 Fluidity of the situation
7:21 - 10:03 How hard is it to recover?
10:04 - 12:35 What is the role of insurance?
12:36 - 17:58 How has the industry evolved?
17:59 - 19:32 Social Media... helpful or hurtful?
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