Marine cargo/logistics
The marine cargo and logistics insurance market is in a good place, with ample limits available and segments where rate reductions are possible. The overall outlook for 2026 is stable, barring any shock losses. Catastrophe events and geopolitical pressures may complicate pricing, but there is no indication so far of a market hardening for marine risks.
Cargo and stock throughput (STP) markets in the United States and London have been favorable, and those conditions should continue into 2026. The marine market is relatively disciplined as underwriters focus on catastrophe-prone geographies and use improved modeling tools to seek more detailed risk information. Capacity for cargo risks remains abundant.
Also concerning for insurers is the ongoing surge in cargo theft. Nearly $725 million in cargo was stolen across the United States and Canada in 2025, according to Verisk CargoNet, a 59% increase from 2024 and more than 12 times the value of cargo stolen in 2021. (See Figure 3.) 3,594 cargo theft incidents occurred in 2025, slightly down from 2024. California, Texas, and Illinois remained the top three targeted states for cargo theft.
in cargo was stolen across the U.S. and Canada in 2025
cargo thefts incidents occurred in 2025
Technology solutions are available to track cargo and inform decisions on what kinds of cargo to assign to certain motor carriers. Construction organizations can also mitigate their cargo risks by knowing their supply chains, ensuring they have ironclad contracts with motor carriers, and being clear on their cargo valuations.
LOGISTICS FRAUD RISING
A concerning proliferation of fraudulent cargo pickup is occurring in the logistics industry. Some construction industry clients have experienced multiple thefts of valuable cargo such as copper, lumber, and other hard-to-trace building materials.
In fraudulent pickup schemes, a criminal either impersonates a motor carrier to drive away with a truckload or tricks an unsuspecting, legitimate motor carrier to deliver a load to the criminal or a location where the criminal can intercept it. The Federal Bureau of Investigation calls this strategic theft, which involves fraud to perpetrate.
A survey of motor carriers and logistics services providers (LSPs) by the American Transportation Research Institute (ATRI) found more than 65% of motor carriers experienced cargo theft in 2023 or prior years, while 100% of surveyed LSPs had cargo stolen in that period.
In addition, almost 70% of cargo theft incidents were valued at less than $50,000, while nearly 60% of LSP cargo thefts were above $100,000. The average annual value of stolen cargo was $521,135 for motor carriers and more than $1.8 million for LSPs. States with the highest incidence of motor carrier cargo theft are California, Illinois, Texas, Georgia, Florida, and Tennessee, according to ATRI.
According to the ATRI, strategies for combating cargo theft include:
- Providing cargo security training for truck drivers.
- Modifying procedures and policies to align with realities of cargo theft.
- Vetting transportation partners.
- Verifying the authenticity of bills of lading and other shipping documents.
