"Where manufacturers are usually highly cautious about their suppliers and get to know them well before accepting them and their product, when supply chains are strained manufacturers will sometimes source products from outside of their approved supplier base as they can't afford not to get their product on store shelves," says Katie Ashcroft, U.S. product team lead for McLarens. (Credit: dusanpetkovic1/Adobe Stock)
During the first quarter of 2022, the number of recalled products (by unit) in the U.S. reached a 10-year high, driven by a major recall of baby formula as well as increased enforcement and inspections by regulators, according to Sedgwick.
Despite the spike in recalls, rates over the first two quarters of this year are slightly down across all categories (food, nonfood and automotive) on an average and median basis, according to Bernhard Steves, global specialty product leader, crisis management, at Aon plc. Carriers and capacity coming into the market have served to keep rates competitive.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
