Release: Immediate

Contact:

Giuseppe Barone
MWW Group (for Verisk Analytics)
201-507-9500
gbarone@mww.com

Erica Helton
MWW Group (for Verisk Analytics)
201-507-9500
ehelton@mww.com

Industry Report Shows U.S. Cargo Theft Reporting at All-Time High Due to Improved Data Sharing

JERSEY CITY, N.J., March 21, 2012 — CargoNet, a leading source of information about cargo theft risk, today announced the key findings of a detailed survey of cargo theft activity in the United States in 2011. The report shows a rise in cargo theft reporting and underlines that the main driver of this trend is the improvement in collaboration and data sharing between the insurance and transportation industries and law enforcement.

Formed by Verisk Analytics (Nasdaq:VRSK) and the National Insurance Crime Bureau in 2009, CargoNet developed and manages a national cargo theft database and secure information sharing system. Although the primary focus of the system is to enhance the immediate operational sharing of data between theft victims and law enforcement, the growth of the database allows a deep and detailed analysis of cargo theft in the United States. 

CargoNet’s 2011 annual cargo theft report, previously distributed to CargoNet members, provides an analysis of the cargo theft problem in the United States. The report includes information reported to CargoNet on the type of commodities most often stolen, theft incident locations, and additional analysis such as the time of day and day of the week when cargo is most often targeted based on more than 300 data points. The 2011 annual cargo theft report can help law enforcement and supply chain professionals reduce risk by pinpointing areas of vulnerability and providing guidance to improve supply chain security protocols.

“This report is an example of how far we’ve come in public-private collaboration efforts at a time when budgetary pressures make such strategic alliances more important than ever,” said Tony Canale, vice president of Verisk Crime Analytics. “We have much further to go, but the momentum is building.”

CargoNet recorded 1,215 cargo theft incidents. Of the 1,215 cargo theft incidents recorded, 116 incidents involved base metals, 229 involved electronics, 105 involved apparel and accessories, and 200 involved prepared foodstuffs and beverages.

The most cargo theft incidents occurred on Fridays (227 incidents recorded), Saturdays (202 recorded), and Sundays (198 recorded) at locations such as truck stops, carrier/terminal lots, and unsecured parking lots.

About CargoNet
A division of the Verisk Crime Analytics unit at Verisk Analytics, CargoNet® helps prevent cargo theft and improve recovery rates through secure and controlled information sharing among theft victims, their business partners, and law enforcement. CargoNet is centered on a national database and information-sharing system managed by crime analysts and subject-matter experts. By applying a synchronized, layered approach, CargoNet exploits the weakness of cargo thieves at multiple points. CargoNet offers integrated databases, a theft alert system, task force and investigations support, a tractor/trailer theft deterrence program, and the TruckStopWatch® program. CargoNet also provides driver education and incentives, secondary-market monitoring and interdictions, crime trend analysis and loss control services, and training. More information on CargoNet can be found at www.cargonet.com.

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