A number of recent high-profile product recalls has propelled the Australian Competition and Consumer Commission to review the country’s product recall system – a development that could affect product liability insurers.

The Federal Government has already announced plans to fast-track legislation to be introduced early next year around a new national product safety regime.

“There are significant changes on the horizon in the product liability arena in Australia, and, as also recently reported, the US,” an ACCC spokesman said.

“There is little doubt that these changes have been spurred by concern over significant product recalls over the past few years, including high profile recalls of contaminated goods imported from China.”

The ACCC says it will use the results from its review to prepare a paper that will be the basis of the legislation.