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Daily Insurance Industry News
Thursday 20th of September 2018
December 12, 2008

Marsh calls for food firms to reassess risks

by Richard Kilner

Story link: Marsh calls for food firms to reassess risks

Insurance broker and risk adviser Marsh has called on food manufacturers and retailers to review their product recall strategies and supply chain risks.

The call comes in the wake of the Irish pork debacle, which has affected some 25 countries.

A survey held at a Marsh product risk seminar revealed that two-thirds of those surveyed had no crisis or recall strategy whatsoever.

Of the third that did, the majority had not reviewed or amended their strategy for 6 months.

Marsh has advised those in the industry to reassess their supply chains to locate potential weaknesses, including from important suppliers and logistical partners.

Hester Shaw, a product risk consultant with Marsh, has stated that the recent pork recall incident is a reminder of the risks inherent in an increasingly global supply chain.

In addition to financial penalties, such an event can also have a substantial negative impact on a firm’s reputation.

Shaw went on to say that although insurance policies could soften the blow, the only true remedy was for a strong recall strategy that stands up to both theoretical and practical tests and can be put into place swiftly.

 

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