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Product recalls are costing companies and insurers billions, and the numbers are expected to increase.

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Takata Corp.'s chief financial officer Yoichiro Nomura leaves federal court in Detroit, Monday, Feb. 27, 2017. Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the U.S. (AP Photo/Paul Sancya)

(Bloomberg) – Takata Corp. pleaded guilty to one count of wire fraud for misleading automakers about the safety of its exploding air bags, which have been linked to at least 17 deaths worldwide.

Instant InsightsProduct liability & recall insurance for businesses

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