Chubb Seeks Reduction in Cargo Theft through Information Sharing Network

WARREN, N.J., Jan. 6 /PRNewswire/ -- The Chubb Group of Insurance Companies has joined an initiative to combat cargo theft in the United States through improved information sharing between industry and law enforcement. The CargoNet initiative involves a national database and secure information sharing network, as well as education and loss prevention services.

"Our charter membership in CargoNet demonstrates Chubb's strong belief in supporting our customers' loss control efforts in every way possible. Cargo theft causes significant direct and indirect losses throughout the supply chain, and left unchecked, it results in an economic drain to shippers, carriers and, ultimately, consumers," said Pat Stoik, vice president, Chubb & Son, and Chubb's global commercial inland marine manager.

"A national database will make it easier to spot cargo theft trends and develop effective loss prevention techniques," said Stoik. "Today, it's impossible to place an exact cost on cargo theft--which includes theft by land, sea and air." Law enforcement and industry officials estimate that the cost of cargo theft runs in the billions of dollars annually, and many losses are either underreported or unreported. Consumer electronics, food and clothing are the three most stolen types of cargo, a Chubb study found. Truck stops and rest areas are the most targeted locations for cargo thefts, accounting for more than one-third of all incidents, followed by modal yards and unsecured locations such as drop lots and motel and restaurant parking lots.

CargoNet, which will be managed by ISO and launched in early 2010, is intended to help prevent cargo theft and increase recovery rates through secure and controlled information sharing among theft victims, their business partners and law enforcement. The CargoNet national database and information sharing system will be managed by crime analysts and subject matter experts. The system applies an integrated, layered approach that exploits the weakness of cargo thieves at multiple points and includes: integrated databases; a theft alert system; law enforcement task force investigative support through the National Insurance Crime Bureau; a tractor/trailer theft deterrence program; a Truck Stop Watch program; driver education and incentives; secondary market monitoring and interdiction; crime trend analysis; and training and education through an outreach program.

About Chubb

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia. For more information, visit www.chubb.com.

About ISO

Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a subsidiary of Verisk Analytics. For more information, visit www.iso.com and www.verisk.com.

    Chubb Group of Insurance Companies
    15 Mountain View Road
    P.O. Box 1615
    Warren, New Jersey 07059
    Contact:  Jodi Dorman
    (908) 903-2608
    Email:  [email protected]

SOURCE Chubb Group of Insurance Companies