TORONTO, November 19, 2018 – Northbridge Insurance has released a special report titled Canadian Cargo Theft Trends: What’s new, what’s now, and what’s on the horizon, describing how advancing technology and new high-value targets are putting carriers at risk from coast to coast.
Since the voluntary system for reporting cargo theft was launched collaboratively by the Insurance Bureau of Canada and the Canadian Trucking Alliance, an increase in reporting has provided an opportunity to take a closer look at how cargo theft is affecting Canadians and how carriers can mitigate this growing risk.
“These losses are having a direct impact on carriers’ bottom lines, and bring a huge reputational risk” stated Garry Robertson, who leads the Claims Special Investigations Unit at Northbridge. “For consumers, stolen products are often hiding in plain sight. The saying, ‘it fell off the back of a truck,’ may once have referred to a great deal, but it’s important to start asking where goods are coming from. Eventually, costs will increase,” he added.
Using data from local law enforcement reports, the Insurance Bureau of Canada, and other cargo authorities, the report offers a review of the current trends and changing risks surrounding cargo theft.
Key findings:
- Mixed-load cargo, such as grocery and household items, topped the list of most commonly stolen products in 2018.
- Meat products are becoming a primary target for theft and have attracted well-funded criminal networks: Northbridge Insurance claims data from 2018 shows that one stolen load was valued at $200,000, which would require a coordinated effort and investment in specialized equipment to prevent spoilage.
- Cargo itself isn’t the only target: thieves are becoming increasingly more interested in the trailer as well, which is virtually impossible to recover once dismantled.
- While Northbridge data shows that most reported theft occurs in Ontario, more consistent reporting from western Canada is indicating an increase in missing lumber loads and heavy equipment.
- Technology is spurring growth in the industry, but also producing new ways for criminals to make off with freight. In many cases, thieves are breaching online broker sites to select high-value deliveries and collect them ahead of schedule by assuming a false identity.
- Carriers should take extra precautions as we approach the holidays – a peak time for cargo theft, as more goods travel in preparation for the gift-giving season.
As a leading insurer within the Canadian trucking and logistics industry, Northbridge offers sound support and a range of helpful programs and services for concerned carriers. As cargo theft evolves, so does our commitment to producing data-based insights and solutions that will help trucking and transportation companies of all sizes to stay one step ahead of this rising threat.
About Northbridge Insurance
Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success. Visit us at www.nbins.com to learn more.
For further information, please contact:
Emily McCauley
Specialist, Corporate Communications
Northbridge Insurance
+1 (416) 350-4341
[email protected]