Canada: Cargo theft leading to billions of dollars in losses for businesses

Theft of shipping cargo is a major problem in Canada, Jennifer Fox, vice president of trade and security at Canadian Trucking Alliance, said.

Trucking industry officials have said cargo theft causes billions of dollars in losses each year for Canadian businesses, CBC reported.

Ms. Fox said "we had one insurer say it was a $5 billion Canadian ($4.85 billion) problem," but she thinks "that's an understatement of how prevalent the problem is."

Trucking firms usually do not report incidents of cargo thefts as they fear insurance rates will rise, she said.

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