$2bn recall will not affect lines

Toyota’s US-based captive will not be affected by the company’s product recall, AM Best has confirmed.

The rating agency has been in dialogue with Iowa-based Toyota Motor Insurance Company and has established that none of the lines the US captive writes is impacted by an aggregated product recall announced by Toyota last week.

The cost of the recall, which runs to 2.3 million cars around the world, is thought to be in the region of $2bn (£1.27bn). Toyota will decide whether to shoulder the cost itself or whether any liabilities will be incurred by its other captives, or by its insurers and reinsurers.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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