Insurance Companies: Changing Global Economy
25 Feb 2008
China is one of the world’s biggest exporters. Not only the textile and apparel business is important anymore, furthermore the electronic industry, mostly the automotive part is growing recently.
With the new products of China the problems and risks are rising, too. They produce counterfeits of suspensions, tires, belts, brakes and hoses. The consequences of those cloned products can result in dramatic accidents. The insurer’s problem is that it is very difficult to find out who was the producer, as the fakes often look like the original parts. In such case the seller would be liable without knowing that the product has potential risks. In order to provide car drivers with increased security the products need to be tested by causing a real accident. Insurances will observe importers of automotive products to assure high quality items.
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