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

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Earlier in January, the South Korean brands announced they would recall about 168,000 vehicles to fix a fuel pipe problem that can cause fires, The Associated Press (AP) reported. In January, the South Korean brands announced they would recall about 168,000 vehicles to fix a fuel pipe problem that can cause fires, The Associated Press reported. (Photo: Daniel Acker/Bloomberg)

Owners of select models of Hyundai and Kia file fire insurance claims at a rate far higher than the average for comparable vehicles, the Highway Loss Data Institute (HLDI) reports.

Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at djacob@alm.com.

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