Japan: Food manufacturers show interest in recall insuranceReprints
Japan's nonlife insurers are promoting insurance policies that cover costs incurred by food companies during product recalls, The Japan News reported.
The Food and Agricultural Materials Inspection Center said the number of food products recalled has been rising since 2007. Tokio Marine & Nichido Fire Insurance Co. Ltd. witnessed a twofold increase in the number of corporate clients taking out recall insurance during the last five years. A voluntary recall can cost a company tens of millions of yen.