Андрей Журавлев AdobeStock_396129298
CargoNet, a Verisk business, recorded 771 theft incidents in Q2 of 2024, representing a 33% increase compared to the second quarter of 2023. However, theft activity decreased by 10% from all-time highs established in Q1 of 2024.
CargoNet
Key takeaways:
- CargoNet's analyst team noted slight behavioral shifts in the country's most prolific organized cargo theft groups operating in Southern California. Across the board, these groups evolved to be more discriminating in their shipment targets, stealing high-value freight like motor oil and computer electronics less frequently.
- There were notable changes in the types of goods targeted in cargo thefts. Compared to Q1 2024, CargoNet observed significant growth in targeting of vitamins and supplements, alcoholic beverage shipments (primarily liquor), and over-the-counter skincare products. In contrast, theft of vehicle accessories like tires and motor oils, footwear, and consumer electronics such as televisions and computers decreased notably. The average shipment value in the quarter was $150,711, and CargoNet estimates that $68.5 million in freight was stolen during this period.
- Theft activity was highest in California, Texas, and Illinois.
- CargoNet expects cargo theft activity in Q3 of 2024 to remain elevated. Organized cargo theft rings in Southern California continue to be the most prolific threat, but theft by deception schemes are growing in popularity across the United States, particularly targeted pilferage schemes and non-delivery of whole shipments.
