Defective products top cause of liability claims: AGCS

Defective products or work were the largest trigger for corporate
liability losses in the past five years, as product recalls
increased in frequency, according to a report by Allianz Global
Corporate & Specialty (AGCS).
AGCS analysed 100,000 claims from between 2011 and 2016 with a
total value of EUR8.85bn ($9.3bn) for its Global Claims Review.
It found 23 percent of corporate losses, as measured by the
value of claims, arose from product or work defects. Transport
collisions or crashes acco