Yahoo Finance Auto thieves target Atlantic Canada as claims soar across region
Auto theft claims in Atlantic Canada are up nearly 13% – the largest increase in the country
HALIFAX, NS, Oct. 15, 2024 /CNW/ - According to newly released data from Insurance Bureau of Canada (IBC), Atlantic Canada is becoming a hot spot for auto theft. In the first half of 2024, the region experienced a 13% spike in auto theft claims, the largest increase in the country. Over the last decade, auto theft claims have increased by 116% in the region.
In addition to the surge in auto theft claims, the costs related to these claims are increasing. In the first half of 2024, claims costs increased 11.8% since the previous year. Alarmingly, auto theft claims costs have soared by 265% over the past decade in Atlantic Canada.
"Opportunistic car thieves are increasingly shifting their focus to Atlantic Canada and away from provinces such as Ontario and Quebec, which have invested significantly in combating auto theft," said Amanda Dean, Vice-President, Ontario and Atlantic, IBC. "The growth in auto theft in Atlantic Canada is putting pressure on auto premiums and compromising the safety and security of residents."
Looking at the provincial data in Atlantic Canada
Nova Scotia saw the highest increase in auto theft claims in the region at 26.6%, when comparing auto theft claims in the first half of 2024 to those in the first half of 2023. New Brunswick experienced a 14.4% increase; Prince Edward Island came in at 10.5%; and Newfoundland and Labrador saw a dip in theft claims by -26%, although overall claims costs in that province remain consistent with those in the first half of 2023.
Table 1: Atlantic Canada's total auto theft claims count and costs, comparing the first half of 2023 with the first half of 2024, and the first half of 2014 with the first half of 2024
Atlantic Total | New Brunswick | Nova Scotia | P.E.I. | N.L. | |
Claims Count | |||||
% change in H1 '23–'24 | 12.5 % | 14.4 % | 26.6 % | 10.5 % | -26.1 % |
% change in H1 '14–'24 | 116 % | 203 % | 87 % | 200 % | 4.8 % |
Claims Costs | |||||
% change in H1 '23–'24 | 11.8 % | 10.7 % | 15 % | 20.1 % | 4.2 % |
% change in H1 '14–'24 | 265 % | 389 % | 223 % | 818 % | 77 % |
A call to action
With Atlantic Canada becoming one of the hardest-hit regions for auto theft in the country, IBC is calling on all orders of government to implement the recommendations outlined in the federal government's National Action Plan on Combatting Auto Theft. The comprehensive plan was released in May 2024 and includes many of the recommendations that the home, auto and business insurance industry submitted to the government.
"Atlantic Canada is in the midst of an auto theft crisis and without action it will only get worse," added Dean. "We need provincial governments to work swiftly with the federal government to implement the recommendations in the national action plan. Specifically, we need investments in Atlantic ports to make it more difficult to export stolen vehicles. We also need the Atlantic provinces to provide more resources for inter-agency law enforcement that's focused on auto theft."
As IBC noted in a media release earlier this year, the value of insurance claims for auto theft hit $1.5 billion for the first time ever in 2023. And this year it's even more.
About Insurance Bureau of Canada
Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of Canada's highly competitive property and casualty (P&C) insurance market.
As the leading advocate for Canada's private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow.
IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses.
For media releases, IN Focus articles or to book an interview with an IBC representative, visit ibc.ca. Follow us on LinkedIn, X and Instagram, and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We're here to help.
SOURCE Insurance Bureau of Canada
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