Market claims data shows an upward trend in both the number and cost of claims. This reflects the growing regulatory pressure, complex global supply chains and rising consumer expectations. Insurers are seeing larger, more high-profile recalls and are adapting by refining coverage terms and focusing more on proactive risk management.

Emerging risks such as PFAS and aflatoxins are becoming increasingly significant in the product recall market. PFAS are under growing regulatory and legal scrutiny, especially in food packaging and consumer goods. Aflatoxins, naturally occurring toxins in crops, pose contamination risks in food supply chains. Both present challenges due to evolving science, uncertain liability and the potential for widespread recalls. As awareness grows, the committee is closely monitoring these developments.