Cargo theft report uncovers important new trends

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Theft from warehouses and other storage facilities, meanwhile, increased to 25% of total thefts. The extent of the rise was variable from region to region; however, the trend reflected the disruption to supply chains prompted by radical changes to consumer buying patterns due to the COVID-19 pandemic.

“The effects throughout 2020 of the COVID crisis threatened supply chain security, continuity and resilience,” said Mike Yarwood, managing director of loss prevention for TT Club. “Not only did newly created high-value commodities such as PPE become targets for theft, but bottlenecks in the logistics infrastructure at ports and warehouses increased potential risks.

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Tune Protect sees late financial recovery in 2020

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According to the company’s financial results statement, the decline in profit was due to higher management expenses as a result of a one-off provision for impairment for insurance and reinsurance receivables.

For the full year 2020, Tune Protect Group had an after-tax profit of MYR28.2 billion, down 51.4% year-on-year. This was due to reduced travel caused by the COVID-19 pandemic.

The group’s Tune Protect Re (TPR) subsidiary showed improved performance, both in the fourth quarter and the entire year. GWP grew by 8.3% to MYR15.4 million for the full year, and over 100% to MYR2.1 million for the fourth quarter.

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Trends in the global payments business

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Global payments preferences for consumers vary considerably around the world, reflecting an infinite diversity of historical, technical, cultural, economic and regulatory factors.

Alternative payment methods like digital wallets and bank transfers are now in the mainstream, if not in the outright majority, and legacy methods like credit cards and cash continue to decline.

Widespread disruptions created a profound shift in commerce and payments, accelerating the adoption of digital wallets in e-commerce while hastening the decline of cash at the point of sale – according to the recently released Global Payments Report 2021.

Digital wallets thrive as e-commerce surges

E-commerce

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Commercial card spending to see strong recovery post-COVID-19

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European commercial card spending rose by 11% in 2019 to €366 billion and accounted for 8% of the total value of card payments.

Charge cards, where transactions must be paid for in full, typically monthly, represent 57% of commercial card expenditure in the region. Products held by large businesses, such as Corporate, Lodge and Purchasing cards, tend to be issued as charge cards. Commercial credit cards are not as popular as their consumer equivalents, making up 15% of European commercial card spending.

Debit card spending continues to grow in spite of the pandemic

The Commercial Cards in Europe 2021 study 

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