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June 13, 2023 by Adam Malik
Image credit: Depositphotos.com
Insurers lost more than $1 billion dollars in stolen vehicle claims last year as an oversight body warns the situation is at a “critical level.”
Équité Association, a not-for-profit national organization that supports the Canadian property and casualty (P&C) insurance recently released its 2022 Vehicle Theft Trend Report.
It said the trend of stolen vehicles points to organized crime syndicates behind the problem. These groups see Canada as a low-risk/high-reward opportunity, whether they sell the vehicles domestically or export them. Profit margins are high and risk of prosecution is low, the announcement said.
“There is no doubt that vehicle theft has reached a national crisis in this country,” said Terri O’Brien, president and CEO of Équité Association. “We know for certain that vehicles in Canada are being stolen by domestic and international criminal organizations. The proceeds are then being used to finance domestic drug trafficking, arms dealing, human trafficking, and international terrorism. These crimes hurt our communities, and puts Canada in the spotlight internationally as a source country for illegal trade.”
Quebec saw the biggest increase in stolen vehicles last year, up 50 per cent. Ontario was close behind with a 48.3 per cent increase. Atlantic Canada was 34.5% year-over-year. After a few years of declines, Alberta saw an 18.3 per cent increase.
Vehicle thefts reach new highs
Image credit: Depositphotos.com
Insurers lost more than $1 billion dollars in stolen vehicle claims last year as an oversight body warns the situation is at a “critical level.”
Équité Association, a not-for-profit national organization that supports the Canadian property and casualty (P&C) insurance recently released its 2022 Vehicle Theft Trend Report.
It said the trend of stolen vehicles points to organized crime syndicates behind the problem. These groups see Canada as a low-risk/high-reward opportunity, whether they sell the vehicles domestically or export them. Profit margins are high and risk of prosecution is low, the announcement said.
“There is no doubt that vehicle theft has reached a national crisis in this country,” said Terri O’Brien, president and CEO of Équité Association. “We know for certain that vehicles in Canada are being stolen by domestic and international criminal organizations. The proceeds are then being used to finance domestic drug trafficking, arms dealing, human trafficking, and international terrorism. These crimes hurt our communities, and puts Canada in the spotlight internationally as a source country for illegal trade.”
Quebec saw the biggest increase in stolen vehicles last year, up 50 per cent. Ontario was close behind with a 48.3 per cent increase. Atlantic Canada was 34.5% year-over-year. After a few years of declines, Alberta saw an 18.3 per cent increase.
