Global Protein Ingredient Industry
Updated April 30, 2024
Insurers provide the food industry with coverage against product liability and product recall. As such, the insurance industry must remain informed and up-to-date on the changing risk profile of our food.
In 2016, millions of chocolate bars were recalled in 55, mostly European countries, because plastic parts were found in them. A year earlier, Nestlé India had to recall its Maggi brand instant noodles from the Indian market when lead levels above the permitted limits were found. Nestlé estimated the value of the products on the market and on the stock in its factories to be at INR 3.2 bn (USD 47 million). In Germany in 2011, an E. coli outbreak traced to fenugreek sprouts infected 3 950 and left 53 dead. In China, in 2008, more than 300,000 injuries and six infant deaths were recorded after milk was tainted with urea and melamine.
Snapshot
This is just a snapshot of food contamination that made headlines worldwide in recent years. They stand as examples of what can go wrong if food is unsafe.
Apart from these frequently occurring acute and short-term risks, the insurance industry also monitors long-term risks associated with food. These longer-term risks include functional food, chemicals and nanomaterials used in food packaging, sugar and genetically modified organisms (GMOs), all of which may have long-term effects. Full Story
Other articles of interest
