Global insurer XL Catlin has launched its consumer products recall solution in the UK designed to meet the needs of more types of manufacturers.
Available in the UK, the new solution caters to manufacturers of a broad range of consumer products including toys, clothing, household goods, electronics and sports equipment.
The latest offering complements XL Catlin’s existing product recall solutions dedicated to fulfilling the needs of automotive and food and beverage clients.
“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,” said Andrew McMellin, XL Catlin chief executive for the UK and Ireland.
Manufacturers are recalling more products than ever before due to evolving local and overseas regulation and increased awareness of consumer safety and the recall process, noted Mark Hutton, XL Catlin’s head of product recall for the 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,” Hutton said.
XL Catlin’s consumer products recall solution includes a network of crisis consultants who will respond to clients round-the-clock.
“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 said.
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