Specialist Kiwi-owned insurer Delta introduces a new insurance offering targeted towards addressing the growth in food and safety risks in the food manufacturing sector.
Craig Kirk, chief executive officer of Delta, emphasises the alarming increase of risks for food producers, proven by the amount of food recalls per capita in New Zealand. Kirk highlights the value of food manufacturing in New Zealand’s economy with almost 4 percent amounting for the country’s total GDP and a substantial 71 percent for manufactured exports.
“It’s currently worth around $7 billion, with that figure projected to quadruple to almost $30 billion by 2025,” said Kirk. “The damage in terms of cost and reputation from a significant food crisis or major issue doesn’t just affect the company concerned; New Zealand’s reputation as a high-quality food producer also suffers.”
In efforts to fill the need for insurance offering for smaller enterprises, Delta has created a package suited to the demographic.
