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SAFETY4SEA

Allianz: Economic uncertainty fuels surge in cargo theft

by The Editorial Team
May 27, 2024
in Shipping
cargo theft

Credit: Shutterstock

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Allianz Commercial explains that in addition to the problems and disruptions caused by attacks against shipping in the Red Sea and the Middle East, together with drought in the Panama Canal, cargo theft is also on the rise, driven by current economic conditions.

According to the Safety and Shipping Review 2024, there has been a significant rise in cargo theft in recent years, with a change in the goods being targeted and increasingly sophisticated tactics used by criminals. Allianz Commercial has seen an uptick in cargo theft incidents in recent years, particularly in transportation and logistics.

For example, in North America, the number of theft claims has increased for the past six years in a row, with a 20% increase year-on-year in 2022. The final total for 2023 is likely to surpass 2022. Overall, US cargo theft in the third quarter of 2023 increased by an unprecedented 59% when compared to the third quarter of 2022, according to CargoNet.

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Much of the increase was due to ongoing shipment misdirection attacks, in which criminals use stolen identities to divert and steal freight. Allianz has seen several such claims. In one case, criminals impersonated a courier to fraudulently pick up part of a shipment of electronics. Another scheme saw thieves change the identity of the carriers.

Theft is becoming a pressing issue for businesses and insurers, leading to sizable losses and supply chain disruption, according to Captain Rahul Khanna, Global Head of Marine Risk Consulting, Allianz Commercial. Theft was identified as the risk of most concern for transportation and logistics companies in the most recent Allianz Risk Barometer, a new entrant in the top five this year.

More and more of our clients are concerned about the security of cargo in transit, especially in the Americas, where we see an increased frequency of theft claims. This is an issue of growing concern for the wider cargo market, and not just limited to the Americas, but a problem that is also affecting parts of Europe, including Germany, Italy, and Spain

… said Marcel Ackermann, Global Product Leader Cargo, Allianz Commercial.

Valuable goods that can be easily sold on the grey market are particularly attractive to criminals. Warehouses, distribution centers, truck stops, and ports are the most vulnerable locations, while theft typically spikes in the run-up to public holidays and periods of increased consumer demand.

Attractive high-value goods, such as mobile phones and other desirable electronic consumer goods, are the typical target of criminals. However, recent years have seen an increase in the theft of lower-value consumer goods and food items. Food and household goods were the most targeted goods in the third quarter of 2023.

The targeting of household items and food reflects inflationary pressures driving changes in criminal activity, explains Régis Broudin, Global Head of Marine Claims, Allianz Commercial. “With the current economic environment and cost of living, there is a much greater incentive to steal. While theft of high-value cargo has increased, more and more goods are becoming attractive to criminals that were not before,” Broudin explains.

When the cost of living goes up or during an economic downturn, criminals start to focus on thefts from trucks and hijackings. And when people become desperate, they will target cheaper goods like food, which are easy to sell on the grey market. This trend is reflective of the times we live in with increased hardship and the cost of living.

… added Captain Rahul Khanna

At the same time, criminals are using more sophisticated and organized methods to gain access to cargo, often employing technology. For example, thieves exploit cybersecurity weaknesses to impersonate a trusted supplier or gain access to systems to facilitate theft or divert shipments. Criminals may also use jammers to interfere with cargo GPS tracking devices and mobile telephone signals, making it harder to recover stolen goods.

In the recently published Annual Cargo Theft Report 2023, TT Club and BSI SCREEN Intelligence also pinpoint high inflation as a primary macroeconomic driver of cargo crime patterns. Other key findings of their report include: 

  • Increase in Food and Beverages (incl. alcohol) stolen from 16% to 24% of global total
  • Most common mode remains Road at 71%
  • Facilities as a location for theft down from 30% to 23%
  • Top countries include Mexico, USA, South Africa, Germany & Italy
  • Electronics slightly down at 9% of incidents but still significant in terms of value
  • Modus operandi differs by region: examples include ‘Blue light crime’ in South Africa & ‘insider activity’ in Asia

The consequences of cargo theft for businesses can be grave. Disruptions to supply chains caused by theft prevent shippers from delivering products to customers promptly and safely, while a failure to meet contractual obligations can lead to reputational risk and loss of market share.

Some businesses at risk of cargo theft may need to step up measures to identify, manage, and mitigate security threats using internal processes and external advice where necessary, explained Marcel Ackermann.

A well-run warehouse and transportation operation is the first step towards tackling security hazards, including stringent security processes and procedures, security and loss prevention training, and robust hiring practices, as well as measures to reduce the chance of a fraudulent pick-up.

… noted Khanna, adding that transit security measures and driver training are also key, while surveillance technology can be effective in preventing cargo theft or identifying criminals if cargo is stolen. 

 

Allianz: Economic uncertainty fuels surge in cargo theftAllianz: Economic uncertainty fuels surge in cargo theft
Allianz: Economic uncertainty fuels surge in cargo theftAllianz: Economic uncertainty fuels surge in cargo theft
Tags: Allianzcargo thefttrends
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