Cargo theft increased in 2019, according to a report from TT Club and BTI
The second annual report on cargo theft worldwide, issued by transport and logistics insurer TT Club and global provider of supply chain intelligence BSI, confirms the “overwhelming targeting of cargo trucks” compared to all other modalities. The consistency of this trend year-on-year is also reflected in the 2019 data analysis of top commodities stolen; food and beverages representing 28% of all reported thefts in comparison with 19% in 2018.
The BSI and TT Club Cargo Theft Report 2020 analyses data from BSI’s supply chain security country risk intelligence tool, SCREEN and TT Club’s insurance risk management and loss prevention insights. The authors believe the report can play a significant role in educating supply chain professionals in the detailed risk of cargo theft across the globe. Both parties are committed to a proactive approach to minimising human, material and financial losses resulting from cargo crime.
TT Club loss prevention managing director Mike Yarwood emphasised one identified trend in particular, “Thefts either of, or from road vehicles most frequently occurred while in transit, in rest areas or an unsecured parking location. These accounted for 60% of those thefts reported. Interestingly, our infographic (pictured) gives more detail from the regions with confirmed thefts from unsecured parking areas. The median value of losses from these incidents ranges from US$100,000 in South America to just over US$11,000 in parts of Asia. We are particularly keen to draw attention to the dangers of such informal parking and encourage the provision of more secured truck stop facilities.”
The report includes further advice on how theft risks can be reduced. This section is co-authored by BSI’s Advisory Supply Chain Security team and the TT Club’s claims and loss prevention team.