Following today’s funding announcement by the federal government, Celyeste Power, President & CEO, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC commends the federal government’s $15 million investment to support the important work law enforcement is doing to fight auto theft. Today’s announcement builds on the work already happening, including the previous investment in strengthening Canada Border Services Agency (CBSA) and a commitment to modernize the Canadian Motor Vehicle Safety Standards to include stronger theft deterrents.
This investment includes funding to increase police services’ capacity to take custody of vehicles detained by the CBSA. We strongly believe that investing in enhanced information sharing and investigative tactics with INTERPOL is another strong step in making it easier to retrieve stolen vehicles that have been shipped out of Canada.
Today’s announcement proves that the government heard what key stakeholders highlighted at the recent National Summit on Combatting Auto Theft, including the need for concrete action now. However, there is still more to do and Canada’s insurers stand ready to work with governments and key stakeholders to help deliver the government’s upcoming action plan and end auto theft.”
Background:
Insurers paid $1.2 billion in claims for stolen vehicles last year, the first time in history that it exceeded $1 billion. In Ontario alone, auto theft claims costs were approximately $700 million in 2022, up from approximately $160 million in 2018, a staggering 329% increase.
The insurance industry has played a leadership role in tackling auto theft by educating consumers and encouraging preventative actions be taken. IBC and Équité Association recently launched the End Auto Theft campaign to raise awareness of the costs of auto theft and build greater public awareness of the auto theft crisis.