The Jewelers Security Alliance (JSA) says crimes against U.S. jewelers last year hit their highest number the trade association has ever recorded, resulting in $129.4 million in losses.
According to the JSA 2022 Annual Crime Report, 2,211 jewelry crimes (compared to 1,687 in 2021 and 1,718 in 2020) resulted in an 84.6% increase in dollars lost from the $70.1 million recorded in 2021. The total amount lost from crimes against jewelry firms reported to JSA reached $2.5 billion over a 21-year period.
Similar to previous years, JSA found on-premises crimes accounted for the vast majority of losses. On-premises dollar losses totaled $110.4 million last year, while off-premises losses totaled $19 million. The alliance recorded a 93.7% increase in dollar losses and a 29.8% increase in on-premises crimes (2,146) compared to 2021.
Most on-premises crimes were thefts, which JSA defines as stealing property without using force or fear, at 65.3%. Burglary, or entering a business after hours intending to commit a crime, accounted for 22.6% of on-premises crimes. Robbery, taking property by use of force or fear, made up 12.1%.
Specialty insurance company Jewelers Mutual Group, which provides personal-lines coverage for jewelry owners and commercial coverage for jewelry businesses and properties, said crime was the “single-largest risk this year” for policyholders.
“We’ve seen not only increased crime events, but also a significant increase in daytime crime and violent acts associated with these events,” Mike Alexander, chief operating officer of Jewelers Mutual, said in a statement earlier this year.
Jewelers Mutual invests heavily in loss prevention mechanisms and tactics, Alexander added. In March 2023, the insurer launched a free training program for jewelers and pawnbrokers to reduce crime.
“We have created extensive educational resources available in a digital format which jewelers can leverage in training their employees on loss prevention best practices within their place of business,” Alexander said. “We also have engaged IoT (Internet of Things) sensor technology in various forms to mitigate loss. Finally, our insurance product pricing reflects significant discounts when jewelers make investments in their own security for their business.”
For additional personal lines solutions, contact INSURICA today.
This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2023 Zywave, Inc. All rights reserved.
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