Shortages, Inflation Contribute To Rise In Cargo Theft (Business Insurance)

Shortages, Inflation Contribute To Rise In Cargo Theft

  Tuesday, May 31st, 2022 Source: Business Insurance

Cargo theft costs are rising in the U.S. as higher-value goods such as vehicles and electronics are targeted, and as inflation pushes up the cost of goods.

Companies can take steps to reduce the risk of theft, including installing tracking technology and hard-locking devices, using teams of drivers, and avoiding theft hotspots, experts say.

The Memorial Day weekend typically sees an uptick in cargo theft, with an average from 2017 to 2021 of 29 events per year over the holiday weekend.

Estimated cargo theft losses in the United States and Canada jumped to $19 million in the first quarter of this year, a 73% increase over the prior-year period even as the number of reported thefts remained unchanged at 319, according to the latest data from Jersey City, New Jersey-based Verisk Analytics Inc.’s CargoNet.

The average loss value in the first quarter was $232,000, a 68% increase over the same period last year and more than double the average loss value reported in the first quarter of 2020, CargoNet said in an analysis released May 19.

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