Auto theft claims prices in Alberta jumped 55% between 2021 and 2023, says latest information launched by Insurance coverage Bureau of Canada (IBC).
However which cities bear the brunt of claims exercise?
A brand new IBC information launch issued immediately notes theft claims prices leapt by a distressing 65% in Edmonton and 59% in Calgary throughout these three years. Drugs Hat, Lethbridge and Fort McMurray additionally noticed sharp spikes in auto theft claims.
“The auto theft disaster continues to persist throughout Alberta, and it’s including stress to the price of auto insurance coverage for all drivers,” says Aaron Sutherland, vice chairman of IBC’s Western and Pacific areas.
“Auto theft disrupts lives and creates worry in communities throughout the province. Pressing motion have to be taken to deal with this rising development.”
IBC’s launch notes Alberta’s auto insurance coverage system is among the many most cost-pressured in Canada, based mostly on information from the Common Insurance coverage Statistical Company, which provincial insurance coverage regulators oversee.
That information signifies authorized prices now make up a bigger portion of auto protection premiums paid by Alberta drivers than these in all different Canadian provinces. Additional, the information locations Alberta second nationwide for the quantity spent per car restore declare and the frequency at which autos are stolen.
“Claims prices now exceed the amount of cash insurers are accumulating in premiums due to the auto insurance rate cap in Alberta,” provides Sutherland.
“Because of this, insurers are being pressured to cut back their choices to stay viable, and that is making it tougher for a lot of drivers to safe the protection they want. Reform is required urgently, and because the authorities considers numerous options to cut back premiums for drivers it’s important that it addresses these value pressures.”
By the numbers
When it comes to greenback worth, Calgary tops the province’s 5 auto claims hotspots at $33,076,848 in 2023, in contrast with $20,856,769 in 2021. Edmonton’s subsequent with $26,193,922 in 2023 towards 2021’s $15,749,461.
In the meantime, Fort McMurray noticed $3,311,123 in 2023 claims, from $2,071,849 in 2021; Lethbridge jumped to $955,716 in 2023 towards $732,742 in 2021; and Drugs Hat rounds out the High 5, reaching $672,398 in 2023 from $390,761.
IBC additional notes a federal plan to combat auto theft tabled months forward of schedule, whereas welcome, nonetheless lags the urgency of Canada’s auto theft disaster.
“Alberta’s insurers are urging all orders of presidency to work collectively to implement the plan’s suggestions,” it says.
“In Alberta, these embody offering extra assets for coordinated, inter-agency legislation enforcement centered on auto crime; the creation of a provincial auto theft workforce with devoted prosecutorial assist; and, by way of this workforce, strengthening provincial capability to police and deter organized crime’s involvement in auto theft, as is being performed in different provinces.”
Associated: 10 costliest Ontario cities for auto theft claims
Function picture by iStock.com/Ekaterina Grebeshkova
