The Global Insurance Law Connect (GILC) has released its Product Liability report with expert commentary from global law firms, covering 14 jurisdictions.
The report discusses how growing consumerism, the globalisation of supply chains, the emergence of new technologies, and the need to innovate are driving an increase in global product liability claims. But while in some markets the translation of product liability claims into litigation is a frequent occurrence, in others the majority of claims are being resolved before they make it to court.
Rob Coltman explains that food and other primary produce are New Zealand’s biggest export area and so product liability is a significant insurance need. “But for the New Zealand market the cover centres on property damage (because of the low incidence of personal injury litigation), while broader cover is required for those engaging with export markets.”
Duncan Cotterill is a member GILC, a formal alliance of leading insurance law experts comprised of high-performing independent firms across the world that specialise in insurance law.
For more information on product liability and insurance, please contact a member of our Insurance team.