The Through Transport Club (TT Club) has reported a sharp rise in cargo thefts recorded in the US, up by more than 60% compared to figures recorded two years earlier in 2022.Supply chain security is a growing concern for insurers engaged in covering cargo movement and supply chain risks. The Bermuda-based TT Club, a leading mutual cargo and supply chain insurer, has revealed that reported thefts of all types of cargo in the US climbed by close to two-thirds between 2022 and 2024. Thefts of full loads from depots and cargo handling facilities made up close to half of these in 2024 compared with 29% in 2023, the insurer said.

A regional analysis by the Club demonstrates shifting patterns between US states with a significant rise in claims in California versus declines in Texas and Florida (see graphic). Detailing the issues in its recent bulletin, the insurer emphasised the need for diligence in managing the growing risk factors along the world’s supply chains. It stressed the importance of measures to tackle them, including the use of smart containers and online animated guides to spotting fraudulent instructions to operators.

Drug smuggling is a particular concern, with traffickers using containers as a convenient means of transport. According to the TT Club, a kilo of cocaine worth between $1,500 and $2,000 in producing countries such as Colombia, for example, can be worth between $30,000 and $80,000 by the time it reaches consumers in Europe or North America. In moves to tackle this form of smuggling, the Club cites the growing use of accurate container tracking systems and their contents as useful strategies that are becoming more sophisticated.

Mike Yarwood, the Club’s managing director of Loss Prevention, commented: “Our latest Supply Chain Security Bulletin delves into the data relating to this crime and also the methods evolving in an attempt to minimise the consequences … At TT we will continue to interrogate our own, and other sources to better understand the risks across the global supply chain, not just crime. We are also dedicated to advising and assisting those involved in the container trades to prevent or reduce these risks.”