Cargo theft involves stealing trucks or trailers full of merchandise to sell for a quick profit. Trailers often carry loads of goods worth thousands of dollars.
- A 2011 study commissioned by the Canadian Trucking Alliance (CTA) pegged the cost of cargo crime at $5 billion per year and linked cargo theft to organized crime, which uses the proceeds of cargo theft to fund such activities as gun and drug smuggling.
- Cargo theft often goes unreported, making property recovery and prosecution a challenge.
- Cargo theft cheats consumers, retailers, insurers and the trucking community and wastes law enforcement resources.
On March 18, 2014, IBC and the Canadian Trucking Alliance announced a national cargo theft reporting program open to all insurers operating in Canada including IBC members and non-member companies.