Sedgwick brand protection releases Q2 2024 European Recall Index report
LONDON, 28 August 2024 – European product recalls surpassed 3,500 across five key sectors for the second consecutive quarter in Q2 2024 with 3,505 events. According to Sedgwick brand protection’s latest European Recall Index report, this marks the fifth consecutive quarter with more than 3,000 recalls.
The 3,505 recalls recorded in Q2 2024 are in line with the ten-year quarterly high of 3,506 recalls in Q1 2024. With a total of 7,011 recalls in the first half-of 2024, this year is firmly on track to set a record for recall activity across Europe. Consumers, manufacturers, and supply chain partners should remain vigilant.
Sedgwick’s quarterly report analyses product safety and recall data from the UK and EU automotive, consumer product, food and beverage, pharmaceutical, and medical device industries. The number of recalls rose modestly in the pharmaceutical (+9.5%), automotive (+9.3%), and food and beverage industries (+6.3%). The consumer product and medical device industries both saw recalls fall in the second quarter, with the sectors recording 6.5% and 4.5% fewer recalls respectively.
In addition to the latest recall data and analysis, Sedgwick’s report provides insights into current regulatory activity and predictions for what stakeholders across European industries should be looking for in the second half of 2024. Regulators spent the past quarter ensuring fair procurement policies and open competition, particularly in the automotive, food and beverage, and medical device sectors. Sustainability and artificial intelligence (AI) were other key focuses for EU and UK regulators, who proposed a spate of new regulations and further guidance on the safe use of AI in products.
Other regulations from the past quarter, including the Corporate Sustainability Due Diligence Directive (CSDDD) and the EU AI Act, will expand responsibilities for companies through the entire supply chain and product life cycle. In the UK, the Digital Markets, Competition and Consumer (DMCC) Bill became law, which will broaden regulatory power for the UK Competition and Markets Authority (CMA) and may have a far-reaching impact on businesses even if they are not based in Great Britain.
“While the past several quarters have been characterised by rapid regulatory progress, the results of recent UK and EU elections may slow that pace,” said Chris Occleshaw, international product recall consultant at Sedgwick. “However, businesses are still facing significant regulatory changes and increasing responsibilities that will require enhanced vigilance of their supply chains. It remains imperative for businesses to thoroughly prepare for any scenario that could emerge from non-compliance or an in-market product crisis.”
To download the latest European Recall Index report, click here.
The Sedgwick brand protection Recall Index is published every quarter. It is the only report that aggregates and tracks recall data across the UK and EU to help industry stakeholders navigate the regulatory environment, product recalls, and other in-market challenges. For more information, visit https://www.sedgwick.com/brandprotection.
About Sedgwick
Sedgwick is a leading global provider of claims management, loss adjusting and technology-enabled business solutions. The company provides a broad range of resources tailored to clients’ specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of 33,000 colleagues across 80 countries, the company takes care of people and organisations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact performance. Sedgwick’s majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders. For more, see sedgwick.com.
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