Motor vehicle theft claims in Australia have nearly doubled over the past nine years, according to the Insurance Council of Australia (ICA). The total value of theft claims surged from A$137.3 million in 2015 (adjusted to 2024 dollars) to A$269.5 million in 2024, marking a 96% increase in real terms.
The number of claims has also risen, with 22,000 claims reported in 2015 compared to 28,000 in 2024, representing a 27% increase.
The rise in theft claims was particularly pronounced in Queensland and metropolitan Victoria. Rural and regional Queensland saw a 62% increase, while metro Queensland experienced a 39% rise, and metro Victoria saw a 34% jump. In contrast, Western Australia recorded a decrease in theft claim frequency, and theft rates remained stable in rural and regional New South Wales and South Australia.
ICA Deputy CEO Kylie Macfarlane explained that the rise in vehicle values, along with increasing costs for parts and labor, are contributing to higher premiums. While motor vehicle theft still accounts for a small portion of insurance premiums, Macfarlane cautioned that the growing frequency and cost of theft should not be overlooked, as it could eventually affect premium rates across the country.
(Note: A$1.00 = A$1.59)
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