How auto theft, inflation and vehicle complexity boost claims costs
March 6, 2024 Philip PoradoLate last year, Toronto’s police department wrapped an auto theft intervention, codenamed Project Stallion, that recovered 1,080 vehicles stolen citywide with a combined value of $59 million. That works out to just shy of $55,000 per vehicle. Auto theft is…
National auto theft summit comes and goes: what comes next?
February 9, 2024 by David GambrillThe National Summit on Combatting Auto Theft ended in Ottawa yesterday with a commitment to develop a detailed plan to be released in “winter.” The Government of Canada convened the meeting between government officials of all levels, industry leaders —…
How new vehicle tech is changing the auto theft equation
December 11, 2023 Philip PoradoThere’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to…
Can car dealerships manage insurance risks from vehicle thefts?
November 27, 2023 Philip PoradoCar thefts began rising across Canada in 2020 during the COVID-19 pandemic and have been climbing ever since – fuelled by organized crime rings using new technologies to steal key fob codes and take vehicles while their owners are asleep.…
What carriers are offering auto customers seeking lower premiums
September 1, 2023 Philip PoradoCar thefts are way up in Canada and that’s got the attention of property and casualty (P&C) insurers. Thefts have risen particularly fast in the greater Toronto area, Montreal and some other parts of Quebec, noted Paul Gilbody, SVP operations…
Auto insurers pay out record amount for auto theft
June 8, 2023 by David GambrillSupply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in…
Catalytic converter theft: a growing problem for auto insurers
July 29, 2022 by Jason ContantManitoba Public Insurance (MPI) is warning consumers about the need to protect their vehicles from catalytic converter theft as reports of this type of crime have significantly increased in recent months. According to MPI claims data, the public insurer has…
ServiceOntario employees charged in relation to theft of hundreds of vehicles
July 29, 2022 Noushin Ziafati - THE CANADIAN PRESSPolice say they’ve charged 28 people in Ontario and Saskatchewan, including several ServiceOntario employees, following an investigation into the fraudulent modification and sale of hundreds of stolen vehicles. In a news release Thursday, Ontario Provincial Police said they began an…
Police charge seven suspects after high-end car theft investigation
February 2, 2022 Maan Alhmidi - THE CANADIAN PRESSTORONTO – A group of suspected thieves carjacked 28 high-end vehicles in north Toronto over several months and tried to ship them to destinations overseas, police said Tuesday as they announced seven arrests in the case. Insp. Richard Harris said…
IBC reveals the latest trends in auto theft
December 8, 2020 by Jason ContantElectronic auto theft, high-end vehicles stolen for shipment overseas, and street racing are three emerging trends coming out of Insurance Bureau of Canada’s (IBC) list of Top 10 stolen vehicles in 2020. Electronic auto theft is on the rise across…