Insurance Industry Tackles Cargo Theft

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The U.S.-based National Insurance Crime Bureau (NICB) and ISO plan to create a national information sharing system to combat cargo crime. By networking existing databases and adding secure reporting and analytic functions, the new system will enable more efficient, accurate and timely sharing of cargo-theft information between theft victims, their insurers, and law enforcement.

Cargo theft is a multi-billion dollar economic drain that exploits existing gaps in the nation’s information-sharing framework.

Theft victims’ inability to provide timely and accurate information about their losses hampers law enforcement’s ability to conduct an effective investigation. Aside from the immediate loss of merchandise, cargo theft affects insurers and their policyholders through added costs that are ultimately borne by consumers. Furthermore, the indirect costs of cargo theft through supply-chain interruption can jeopardise product safety when goods are taken from a controlled environment and resold to an unsuspecting public. Read more here.