In 2011, the American government signed the Food Safety Modernisation Act into law. It was the biggest change to US food regulation since the 1930s, giving the FDA (Food and Drug Administration) greater power to recall food and the resources to instigate a more extensive inspection regime.
The FDA is clearly taking its new role seriously, resulting in a notable increase in both the frequency and scale of food recall events in the last year, which is why Mark Colgate, Executive Director of RKH Specialty’s Casualty division, chose to write about how this change is affecting the insurance market in a special report on corporate risk management in Insurance Day, published on Monday, 28th April to coincide with RIMS in Colorado.
The legislation has generated an increase in interest in food contamination insurance, Mark writes, a greater focus on risk management as well as a change in the way risk managers approach their dealings with the regulator. The full article can be read here.