Insurance Bureau of Canada Reveals Ontario's Top 10 Costliest Cities for Auto Theft Claims

Auto theft claims costs in Ontario surpassed $1 billion for the first time in 2023

TORONTO, June 3, 2024 /CNW/ - For the first time, Insurance Bureau of Canada (IBC) is releasing a list of the Top 10 costliest cities in Ontario for auto theft claims. According to newly released data, auto theft claims costs have surged by a record-shattering 524% across Ontario since 2018, with auto theft claims costs surpassing $1 billion for the first time in 2023.

"Ontario is seeing an alarming increase in auto theft claims and auto theft claims costs," said Amanda Dean, Vice-President, Ontario and Atlantic, IBC. "As IBC's numbers reveal, the Greater Toronto Area has been hit particularly hard by the auto theft crisis. These claims costs speak to the growing severity of the auto theft crisis in Ontario ? a crisis that is having a material impact on auto insurance premiums, to say nothing of the concern and trauma it is causing Ontarians."

Across Ontario, between 2018 and 2023, the incidence of people making insurance claims due to the theft of their vehicles increased by 165% and auto theft claims costs have increased by 524%. Between 2022 and 2023, the increase in the number of auto theft claims was 21% and the increase for auto theft claims costs was 32%.

Table 1: Top 10 Costliest Cities in Ontario for Auto Theft Claims, 2023

Ontario's biggest cities tend to have the highest claims costs. However, as Table 2 shows, several mid-sized cities have experienced staggering increases in the theft claims costs.

Table 2: Top 10 Ontario Cities by Increase in Auto Theft Claims and Claims Costs, 2018 to 2023

"Auto theft is a national emergency. IBC and its members remain committed to working with governments and stakeholders to combat Canada's auto theft crisis," added Dean. "We applaud the Ontario government for the significant investments it has made to help mitigate the crisis. However, more must be done to tighten the vehicle registration process to make it harder for criminals to re-VIN and sell stolen vehicles to unsuspecting Ontarians."

"With auto theft claims skyrocketing across Ontario, we urge all orders of government ? including the province and municipalities ? not to delay in working with the federal government to implement the recommendations in the National Action Plan on Combatting Auto Theft. This initiative must include measures that make it more difficult to transport and export stolen cars."

For more information on the national auto theft crisis, see: New data shows severity of Canada's worsening auto theft crisis - Theft insurance claims top $1.5 billion in 2023.

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