In recent years, cargo theft in ports and warehouses has been
reported to be on the increase, causing much concern amongst cargo
interests and their insurers. More recently, the supply chain
disruptions caused by the Covid-19 pandemic have resulted in
non-essential cargo accumulating in many ports and warehouses
worldwide, including in China, the
Philippines, and Malaysia. The
resulting cargo congestion is most likely to lead to an increased
risk of cargo theft – 49% of cargo theft in Asia occurred in
warehouses.
Cargo Theft Claims – Payable by insurers?
Typically, cargo thieves cannot be traced and, if they are
apprehended, they usually possess no valuable assets. As such,
insureds often claim for their losses under their cargo insurance
policy.
