October 22, 2001 by Canadian Underwriter
In the last fiscal year (July 2000 to June 2001) the Insurance Bureau of Canada (IBC) has played a part in the recovery of 666 vehicles nationwide, valued at more than $16 million. The IBC’s Investigative Services Division (ISD) adds that it has assisted police in recovering more than $20 million in stolen vehicles in that past 15 months.
It is estimated that vehicle theft in Canada costs about $600 million each year, the IBC says. A large part of the problem is auto theft rings.
“The only way we will ever defeat organized vehicle theft rings is for everyone fighting on the side of the good guys police, customs, insurance companies and the IBC to work together seamlessly against our common adversary,” notes Terri MacLean, executive vice president and chief information officer for the IBC.
In one recent case, the Ontario Provincial Police sought the IBC’s assistance in locating a stolen backhoe. The result was an investigation over several months that lead to multiple vehicle recoveries in Ontario and Quebec. When the investigation concluded in September, six people were arrested in Ontario and the IBC reports that it aided in the recovery of vehicles worth $625,000.