Cargo Theft Risk Rises While Collision Claims Slow 

(May 1, 2012) -- While the risk of collisions in terms of insurance claims has been tapering off, risk posed by cargo theft is growing significantly, according to research conducted by Travelers insurance company in the U.S.

According to the numbers, collisions remain the number one risk, but it's been on the decline as a result of improved vehicle safety technology, driver training, and tougher regulations such as CSA.

At the same time, as carriers attempt to diversify into new markets to offset declining economic performance, cargo theft exposure has been on the rise.

Travelers' Sam Rizzitelli told Fleet Owner that in recent years some carriers are hauling more unfamiliar cargo with risks they have never dealt with.

"There's a lot more theft happening because it’s profitable,” he told the magazine. "It's also a kind of risk exposure that many carriers and shippers erroneously feel is difficult to defend against; many feel helpless in some ways against it, but that doesn’t have to be the case."

That "unfamiliarity" is why cargo damage risk exposure is rising as well, Rizzitelli said.

"When carriers transport cargo on unfamiliar routes, they may face exposures from seasonal weather or climate change. Thus it's important that they are aware of how to effectively protect cargo from spoilage or damage."