The risk of cargo theft in the U.S. may be a lot higher than previously thought, according to recent analysis by Cargonet, a two-year old joint venture between Verisk Analytics and the National Insurance Crime Bureau.

CargoNet, which manages a national cargo theft database and secure information sharing system for carriers, shippers, and insurers, reported 1,215 cargo theft incidents worth an estimated $130 million in the U.S. last year – up 17% from the 1,035 reported in 2010.
However, Tony Canale, Versik’s VP, noted that after publication of the 2010 cargo theft study, the number of cargo theft incidents got revised upward by 24% to 1,284, due to delayed submission of theft reports. If 2011 statistics follow the same pattern as 2010, final number of cargo theft incidents will be approximately 1,507 for last year.