Cargo heist threats and how to prevent them
Supply chain risk events across the United States and Canada rose over 15% in 2022 from the previous year, according to the latest data from CargoNet, with 1,864 thefts reported. This adds up to an estimated $223 million in cargo stolen in 2022 alone. The end of 2022 saw the highest amount of theft activity with 526 events in the fourth quarter – an increase of over 31% from Q4 2021.
These aren't petty thefts, either. The average value of the cargo stolen in each event was over $200,000. The items targeted in these heists most often included household goods, electronics and food and beverage, but vehicles and vehicle accessories, commercial and industrial items and building materials were also popular with criminals. These cargo thefts contribute to supply chain disruptions, which have had an effect on inflation.
According to CargoNet, the most common locations where these thefts occurred in 2022 included warehouses/distribution centers (402 events), parking lots (321) and truck stops (248).
On this episode of the Insurance Speak podcast, we are joined by Scott Cornell, transportation lead and crime & theft specialist at Travelers, to share his insights on current cargo theft trends and how best to prevent these crimes.
To hear our conversation with Cornell, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.
Related:
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.