Supply chain risks are a vulnerability for many business clients – and with cargo crime on the increase, brokers must help their insureds to minimise losses by gaining a more in-depth understanding of the landscape.
Disruptions to supply chains accounted for over £55 million worth of goods stolen last year in the UK alone, according to research from The British Standards Institution (BSI), which has paired up with insurer NMU.
NMU revealed the deal this week, which will provide its broker partners with risk management services and insight into the fast-changing risk landscape, including the increasing threat of cargo crime facing businesses.
Data points to a growing problem: TAPA, a European association of security professionals, reported a 10.3% rise in recorded cargo crimes in the EMEA region in 2017 – with total losses exceeding €105 million. Ian Allman, risk control manager at NMU, said the rise in cargo crime was “well documented.”
“Whether the proceeds are being used to fund organised crime or terrorism, it is a major concern for all, therefore having access to this insight for our…
