For Nicky Alexandru, head of Crisis Management and vice president of Global Casualty for AIG, the Product Recall segment is an ongoing process of discovery.
The Product Recall segment is growing: the fourth quarter of 2012 saw some 552 products recalled, according to Food & Drug Administration statistics—and 35 percent of those companies involved had more than one recall in that period. Yet these statistics show just a part of how serious recall incidents can be for a company.
“When we think about risk, we think about two things: frequency and severity,” Alexandru says. “What has emerged in recent years is the severity of those incidents, the magnitude of the financial losses.”
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