AGCS Marine Insurance Company announces its charter membership in an industry alliance to combat cargo theft.
PRESS RELEASE - New York: Nov. 25, 2009
AGCS Marine Insurance Company (AGCS Marine), the US marine business operating under the Allianz Global Corporate & Specialty (AGCS) brand today announced its membership in an industry alliance to combat cargo theft — a problem that costs U.S. businesses up to $15 billion annually.
The initiative, CargoNet, is being built to allow manufacturers, retailers, transportation companies and their insurers to be able quickly and accurately to share cargo theft information with law enforcement agencies.
To be launched in early 2010, CargoNet will be centered on a national database and information sharing system. It will also provide broader education and theft prevention services. (More information on CargoNet can be found at www.iso.com/cargonet.)
Hugh Burgess, Global Marine Head for the Americas of AGCS, commented, "Our charter membership in CargoNet is clear evidence of Allianz’s leadership in marine insurance and supports our resolve to embrace new and cost effective ways to help our clients minimize the many risks that we insure. This strategic alliance will also allow us to help our clients improve overall supply chain integrity."
The CargoNet database and information sharing systems are being designed by a group of law enforcement, insurance industry, and supply chain experts. They are being built and will be managed by ISO. Investigations support and law enforcement liaison will be coordinated by the National Insurance Crime Bureau (NICB).
ISO, a Verisk Analytics subsidiary, is a leading source of information about risk, providing data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.
The purpose of CargoNet is to prevent cargo theft and increase recovery rates through secure and controlled information sharing between theft victims, their business partners and law enforcement. CargoNet is centered on a national database and information sharing system managed by crime analysts and subject matter experts. CargoNet applies an integrated, layered approach that exploits the weakness of cargo thieves at multiple points and includes: integrated databases; theft alert system; task force and investigations support; tractor/trailer theft deterrence program; Truck Stop Watch program; driver education and incentives; secondary market monitoring and interdictions; crime trend analysis and loss control services; and training, education and outreach.