Analysis

Product recall insurance increasingly relevant as threat grows

By Tim Evershed 2024-02-19T08:00:00

product recall

’Often, the biggest concern for business is the reputational loss,’ says legal director

In the latest in a long line of product recalls, Dutch electronics giant Philips is facing costs of £341m ($400m) after recalling sleep apnoea machines due to health concerns.

The past six months alone have seen High Street names and blue chip companies forced into a series of major product recalls. Fragrances, food stuffs, laxative supplements, medicines, mug heaters and personal massagers have all had to be recalled due to safety concerns.

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