IBC commends the federal government for convening National Summit on Combatting Auto Theft

OTTAWA, ON, Jan. 22, 2024 /CNW/ – Following the Government of Canada’s announcement of a National Summit on Combatting Auto Theft, Craig Stewart, Vice President, Climate Change and Federal Issues, Insurance Bureau of Canada (IBC), issued the following statement:

“IBC commends the federal government for announcing a national summit on combatting auto theft. Auto theft is a national crisis affecting communities and innocent victims across the country. The only way to end this social menace impacting public safety is through a concerted, whole-of-society effort. Convening a national summit and bringing together representatives from all orders of government, law enforcement agencies and partners from key sectors is a firm step in the right direction to end Canada’s auto theft crisis.

Canada’s property and casualty insurers have been calling on the federal government to take a leadership role in coordinating a whole-of-society approach to combatting auto theft and are in full support of the upcoming summit. We are hopeful and confident the summit will convene the key experts and stakeholders needed to organize and implement an effective response to fight auto theft in the country.

IBC is encouraged by the leadership shown by the federal government to spearhead a coordinated effort to fight auto theft. The P&C insurance industry has been on the frontlines of the auto theft epidemic for years and look forward to participating in the summit and offering an important perspective and set of proposed solutions.

Kudos to the federal government and the ministers responsible for convening and announcing this critical summit.”

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.

IBC and Équité Association recently launched the End Auto Theft campaign to raise awareness of the costs of auto theft and to build greater public awareness of the auto theft crisis.

Insurance Bureau of Canada is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau 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.

SOURCE Insurance Bureau of Canada