XL Catlin’s insurance operations has introduced a consumer products recall solution, designed to meet the needs of manufacturers of a broad range of consumer products including toys, clothing, household goods, electronics and sports equipment.
“Evolving regulation in the UK and abroad, and increased awareness of consumer safety and the recall process, has culminated in manufacturers recalling more products than ever before,” said Mark Hutton, head of product recall at XL Catlin UK and Ireland.
“Increasingly, these manufacturers are turning to the insurance industry, not only for risk transfer solutions but also to make use of our risk engineering and crisis consulting capabilities offering mitigation and post-loss support.”
“We are also offering Response XL Catlin as part of this solution – our dedicated network of crisis consultants on call 24 hours a day, because the impact of a recall on brand reputation can be severe, and we know from experience that having the right help on hand is crucial to minimising the damage,” Hutton added.
Andrew McMellin, chief executive for XL Catlin UK and Ireland, said: “According to the manufacturers’ organisation EEF, UK manufacturing employs 2.6 million people, contributes 10 percent of GVA, and accounts for 44 percent of total exports.
“It’s not surprising then, that when a product recall occurs it makes headlines, sometimes around the world. While the automotive and food and beverage sectors are already buying product recall insurance coverage, there is a real requirement for a tailored solution for consumer product manufacturers. That is why we are very pleased to offer our new solution.”
XL Catlin, Bermuda, UK, Insurance, Consumer safety, Regulation, Mark Hutton, Andrew McMellin