Marine insurer sees no sign of cargo theft boom
A crime syndicate targeting cargo at Melbourne docks is slipping under the radar of marine insurers, according to a local newspaper – but the local market’s largest marine insurer says it’s not aware of any crime boom.
According to Melbourne newspaper The Age, cargo theft in Melbourne – Australia’s largest port – has become a multi-million dollar business over the past five years. The most recent reported haul is reported to have involved the loss of goods worth $12 million from shipping containers.
The total cost of cargo theft in Australia isn’t known, as most thefts go unreported. It appears freight-forwarders don’t want to admit to their clients that their yards have been broken into.
But Associated Marine MD Stephen Ford told insuranceNEWS.com.au the company is not aware of any of its clients having had cargo stolen in Melbourne.
“We did see an increase in claims reported of more than 10% from 2007 to 2008,” he said. “While these don’t all relate to thefts, marine insurers do generally see increases in this type of claim activity during times of economic downturn.”
Mr Ford says similar patterns of organised gangs targeting containers at ports or on certain routes have been reported in other parts of the world and elsewhere in Australia.
According to Melbourne newspaper The Age, cargo theft in Melbourne – Australia’s largest port – has become a multi-million dollar business over the past five years. The most recent reported haul is reported to have involved the loss of goods worth $12 million from shipping containers.
The total cost of cargo theft in Australia isn’t known, as most thefts go unreported. It appears freight-forwarders don’t want to admit to their clients that their yards have been broken into.
But Associated Marine MD Stephen Ford told insuranceNEWS.com.au the company is not aware of any of its clients having had cargo stolen in Melbourne.
“We did see an increase in claims reported of more than 10% from 2007 to 2008,” he said. “While these don’t all relate to thefts, marine insurers do generally see increases in this type of claim activity during times of economic downturn.”
Mr Ford says similar patterns of organised gangs targeting containers at ports or on certain routes have been reported in other parts of the world and elsewhere in Australia.