Following today’s National Summit on Combatting Auto Theft, Celyeste Power, President & CEO, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC and its members commend the federal government for taking a leadership role in bringing all orders of government, law enforcement, border and port authority officials, insurers and auto manufacturers together to find solutions to Canada’s auto theft crisis. Given the scope and severity of the crisis, a whole-of-society approach is required tackle this issue, under the leadership of the federal government.
“Today’s summit and yesterday’s $28 million funding announcement for the Canada Border Services Agency sends a clear message that the federal government is listening and committed to reducing auto theft. We are pleased that Minister Dominic LeBlanc committed to a concrete, detailed action plan in a few weeks, and look forward to supporting those next steps.
“While these are good first steps toward ending Canada’s auto theft crisis, there is more work that must be done. Canada’s private auto insurers stand ready to work with all orders of government and key stakeholders to deliver on the forthcoming action plan. We’re committed to cutting off funds to organized crime and ensuring people across Canada feel safe in their communities.
“Auto theft is not a victimless crime. It’s a costly national epidemic that puts the safety of Canadians at risk.”
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.