�ǿմ�ý

“Theft has always been around in our industry but the increases we have seen over the last two years are remarkable. It has become an ever-present topic in conversations with our clients and brokers,” explains Florian Krampitz, Director of Marine Claims, North America at �ǿմ�ý Commercial.

“Our new bulletin on this topic gives valuable insights based on market intelligence and our own internal claims data and will help to guide conversations around this prominent trend. It is also a great example of Claims and �ǿմ�ý Risk Consulting working together. We want to help our clients protect their assets and at the same time protect our balance sheet.”

• Supply chains in North America faced a spike of 13% in the volume of cargo theft between 2021 and 2022, with an increase in value of 16% [1], a trend that has continued in 2023.
• While electronic goods remain highly vulnerable, thieves are increasingly targeting household items and food and beverage, indicating that inflationary pressures are driving changes in criminal activity.
• In line with evolving supply chains, criminals are developing sophisticated and organized methods to gain access to cargo, ranging from straightforward theft, cyber-attacks, fraud, and technology-based crime.
• The consequences for businesses can be grave. Supply chain disruptions caused by theft prevent shippers delivering products to customers promptly and safely, while a failure to meet contractual obligations can lead to reputational risk and loss of market share. 
• With a stolen commodity value of $107mn in 2022 – a significant increase on the $68mn reported in 2020 [2] – cargo theft is clearly a risk that calls for heightened vigilance.
• Similarly, �ǿմ�ý has seen an uptick in cargo theft incidents in recent years and particularly in transportation and logistics. In North America, the number of theft claims has increased for the past six years in a row in this area with a 20% increase year-on- year in 2022 (169 claims). The total for 2023 is likely to surpass 2022.