For Nicky Alexandru, head of Crisis Managementand vice president of Global Casualty for AIG, the Product Recallsegment is an ongoing process of discovery.
The Product Recall segment is growing: the fourth quarter of2012 saw some 552 products recalled, according to Food & DrugAdministration statistics—and 35 percent of those companiesinvolved had more than one recall in that period. Yet thesestatistics show just a part of how serious recall incidents can befor a company.
“When we think about risk, we think about two things: frequencyand severity,” Alexandru says. “What has emerged in recent years isthe severity of those incidents, the magnitude of the financiallosses.”
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