LONDON: June 17, 2019. Logistics insurer TT Club and risk management auditor BSI have published their first 12-month review of global cargo theft, noting South America has the highest median theft value of US$77,000 per event followed by Europe with just under US$60,000.

The report says theft from road vehicles accounted for the highest proportion at 84 percent globally last year, followed by 'Slash and Grab’ as the largest type of theft at 26 percent. The combination of food, beverage, alcohol and tobacco was the most common commodity group stolen worldwide at 34 percent.

TT Club and BSI analysed cargo theft by transport mode, the type of robbery, what was stolen last year and the loss value. Asia produced the lowest median at US$19,000 per event, while in North and South America hijacking was the most common method at 37 percent and 52 percent respectively. In Asia theft from a buiulding was the most common at 43 percent compared to 19 percent from hijacking.

According to TT Club’s Claims executive Mike Yarwood, the object of the report is to educate supply chain professionals in the threat of cargo robbery 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.”

Yarwood noted that as security measures become more sophisticated and widespread, criminals are 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,” he added.