Product Recalls Expected to Soar Post COVID Pandemic

MEMPHIS, Tenn. Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions published its latest U.S. product recall index report today. According to the findings in the report, the effects of the COVID-19 pandemic continue to keep inspections and recall incidents below record levels. However, as the world begins to re-open and with the prospect of new regulations ahead, an upsurge in recalls should be expected, Sedgwick said.

 

The new report reveals the latest recall data, trends and predictions in hopes to prepare businesses for the potential for an increasingly aggressive and complex regulatory environment that risk managers are forecasting for all industries in 2021.

 

 "The COVID-19 pandemic has forced manufacturers to operate in one of the most turbulent and uncertain times in recent history," notes Chris Harvey, senior vice president at Sedgwick. "While consumers are eager for a return to normal, regulators and lawmakers see this as an opportunity to enact major changes that will have ripple effects across multiple industries. For businesses sleeping at the wheel, they stand to lose. We expect to see a surge in recalls as we emerge from the pandemic, rapid technological development, and lingering supply issues that will continue to be a major factor. The regulatory environment has forever changed. Businesses must prepare their recall management, crisis and communications plans now before it's too late."