Crime on the Rise — Cargo Losses

Cargo thefts are on the rise in the U.S. Goods like electronic devices, autos and those with higher on-the-street values are being targeted most. Cargo losses in the U.S. and Canada are up to $19 million in the first quarter of 2022.

That’s a 73% jump over the year before.

This info comes courtesy of Verisk Analytics Inc.’s CargoNet. It says the average loss value in the first quarter is $232,000. That’s a 68% rise over 2021 and more than double the average loss in 2020’s first quarter.

Keith Lewis is a vice president at CargoNet. He says inflation is driving thieves to go for those higher end goods. “People are buying more electronics, and more cars are being stolen off car haulers,” Lewis said.

Travelers Cos.’ crime and theft specialist, Scott Cornell said the rise in electronic thefts is because those goods are highly impacted by inflation. “Cargo theft is often driven by a demand or shortage,” he said.

It’s also worth noting that most cargo thefts happen within 200 miles of a pickup.

CargoNet says from 2010 to 2020 the number one stolen commodity was food. The pandemic pushed the shift from food to household goods. However, with the shortage of chips for components and laptops, electronics have become much more profitable to steal.

Companies are urged to take more caution when having their goods shipped. Get state of the art locks for trucks and trailers and use a team of drivers to stops consist of refueling.

Also, put tracking devices in the shipment to track where they are if they get stolen.

Source link: Business Insurance — https://bit.ly/3x4RDsA