Auto, food risks driving higher recall claims costs in 2020

Seven Blue Bell flavors returned to grocery shelves across Texas and Alabama in Dec. 2015 after Blue Bell recalled all of its products traced to listeria contamination. (Photo: Mark Sterkel/Odessa American via AP)

This year, many industries have experienced a record number of product recalls as well as product liability claims. As a result, both recall and liability claim trends are on the rise. Today, we’re experiencing some of the largest claims payouts the nation has seen in a very long time, with jury awards and settlements growing to the tens of millions of dollars.

The following are two key drivers behind the recent surge in product liability and recall risks that are increasing claims and settlement costs.