LONDON, Feb. 15 /PRNewswire/ -- The specialist market for insurance covering product recall and product contamination is resilient and stable, says Ian Harrison in a new report on the market from Lockton, the world's largest insurance broker.
The Toyota recalls have intensified the spotlight on this insurance sector, says Lockton's Ian Harrison, in the report, "Supply and Demand Growing for Product Recall Insurance."
"The interest by buyers in this insurance protection has steadily increased with the recent Toyota recalls sparking even more discussion," Harrison says. "We have seen a steady growth in both supply of insurance capacity and expertise in this area, so buyers have attractive options."
Harrison adds, "The increase in both supply and demand for recall insurance is a very good sign of a healthy market."
The Lockton report notes that there are eight lead insurance markets, primarily based in London, that offer a variety of policy wordings, response consultants and different industry specialisations. Harrison says that this provides a level of choice and competition not seen before for primary product recall and contamination risks. On an excess basis, capacity remains available allowing programmes of $200m plus to be placed for catastrophic exposures if required.
More than 3,800 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, surety and risk management services, offering an uncommon level of client service. From its founding in 1966 in Kansas City, Missouri, USA, Lockton has grown to become the largest privately held insurance broker in the world and 10th largest overall. Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." You can learn more at www.lockton.com.