Cargo theft resulted in $500 million in losses in five years – Équité Association | Insurance business America
Opening report details the financial impact of the theft
Risk management news
By Noel Sales Barcelona
The Équité Association has published its first Freight and Heavy Equipment Report study, detailing the scale and impact of this crime in the country.
The study is based on the association’s cargo theft database, which includes information on stolen trucks, trailers, cargo and heavy equipment.
The report analyzes trends from 2019 to 2023 and shows that the total value of truck, trailer and cargo load thefts is estimated to be over $531 million.
The Cargo and Heavy Equipment Theft Trend Report also noted that the insurance industry, transportation industry and consumers bear the financial impact of these thefts through higher premiums, higher retail costs for goods and a strain on the availability of transportation vehicles such as trucks and trailers .
The report revealed the following:
- Over $239 million in stolen cargo and equipment has yet to be recovered
- The average value per cargo load recovered is $114,000
- The top five hotspots for cargo theft are Mississauga, Brampton, Vaughan, Toronto and Montreal
- Due to the shortage of machinery, thefts of heavy equipment are increasing
“Cargo theft is an invisible property crime with significant impacts on our economy and public safety,” said Bryan Gast (pictured), vice president of investigative services at the Équité Association. “This report provides valuable insights to help us understand this crime and develop effective strategies to combat it.”
Sometimes referred to as an “invisible property crime,” cargo and heavy equipment theft is a serious public safety concern because cargo thieves lack the training to operate large trucks/trailers and travel the roads alongside unsuspecting drivers, said the Équité Association.
The report encourages further collaboration between law enforcement, insurers, retailers and the transportation industry to advance efforts to reduce freight and heavy equipment theft.
The Équité Association is a non-profit, national organization supporting Canadian property and casualty (P&C) insurers. It combats the multi-billion dollar insurance crime problem that exploits vulnerable Canadians through advanced analytics, best intelligence practices and coordinated investigations.
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2024-06-27 12:17:35
www.insurancebusinessmag.com
