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Survey Report

Insurance Marketplace Realities 2023 – Product recall

December 1, 2022

Catastrophic market-wide claims are currently being adjusted so, while the near view of the market is bullish, we foresee the market hardening once these losses are realized.
Rate predictions: Product recall
Trend Range
Product recall Increase (purple triangle pointing up) -3% to flat

Numerous large-scale movements in the recall market are slowly coming to light.

  • The noteworthy Smucker JIF loss is motivating large food manufacturers to purchase catastrophic coverage.
  • This loss will reshape the markets’ use of capacity.
  • We can also see further concern over coverage for whole genome sequencing of microbiological contaminations.
  • A major MGA has emerged as a new market and is helping drive the rate decreases that we are seeing.
  • Three new markets are emerging in London.
  • New endorsements addressing mold, fungus and rancidity are appearing.

Flat renewals to small increases are giving way to small, single-digit rate reductions, but buyers should be ready for market hardening later in 2023.


Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).


Kevin Velan
Director, National Product Recall Team

Shawn McCleary
Associate Director, National Product Recall Team

Jonathan McMahon
Broker, National Product Recall Team
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