Air, Business, Freight News, Logistics, Rail, Road, Sea

Global cargo up for grabs, says insurer’s report

[ June 17, 2019   //   ]

Theft from road vehicles accounts for 84% of global cargo theft with ‘slash and grab’ the largest type of cargo offence at 26%,according to the second edition of the TT Club and BSI report.

There were however significant regional variations within the overall figures; food, beverage, alcohol and tobacco was the most common commodity group at 34% while South America topped the regional analysis of median value for each theft at $77,000. Median value of the cargo affected ranged from just under $19,000 in Asia, to around $60,000 in both Europe and North America to a high of $77,000 in South America.

Transport and logistics insurer, TT Club and global provider of supply chain intelligence, BSI produced their first regular Semi-Annual Global Cargo Theft Intelligence and Advisory Report late last year but this second edition is the first to cover a complete twelve-month (2018) period.

TT Club’s Mike Yarwood, explained: “Our report brings together threat and intelligence data from BSI’s supply chain security country risk intelligence tool, SCREEN and TT Club’s insurance risk management and loss prevention insights. It demonstrates the shared goal we possess of educating supply chain professionals in the threat of cargo theft across the globe. We aim to engage in a proactive approach in preventing cargo crime and also minimising the financial loss resulting from cargo crime.”

The report is available as a free download

Theft methods included slash and grab at 26%, with theft from vehicle (19%) and hijacking (17%) making up second and third spot.  In North and South America Hijacking was the most common method at 37% and 52% respectively.  In Asia theft from a facility was most common, at 43%.

The report also includes loss prevention advice. Yarwood said: “In particular we would wish to emphasise the insider threat.  As security measures become more sophisticated and widespread in practice, criminal organisations are increasingly recruiting employees of targeted companies to gain data, cargo information, delivery routes and destinations and access to IT systems. Due diligence in recruiting and managing staff is paramount. In general full or part-time salaried staff are less of a security risk than sub-contractors.”