The past few years have seen a notable increase in cargo claims. The frequency and severity of cargo claims have been increasing, with a combination of large losses and natural catastrophe activities. There has been an increasing risk of large losses due to increasing value accumulations at ports, warehouses, and vessels. The fire and explosion recently at the Beirut port and earlier at Tianjin in China along with hurricanes have all brought large cargo losses.
Cargo misappropriation is another growing issue. High-value cargoes, like oil and iron ore, can be either stolen or illegally sold. It is a global issue, where risks need to be assessed and monitored carefully to avoid losses. The growing use of technology has its downside too in terms of increase in losses due to cyber breaches.
