Canada’s Insurance Bureau says that rising vehicle theft has led to an increase in claims costs by 65 percent over three years.
The Insurance Bureau of Canada (IBC) said that auto theft claims costs reached $110.3 million in 2024, compared to $67 million in 2021.
The province’s two biggest cities, Calgary and Edmonton, were worst affected, with auto theft claims increasing 81 percent and 79 percent respectively between 2021 and 2024, according to the report released on July 3.
It said that auto theft costs in Alberta have risen 161 percent since 2014.
“The auto theft crisis persists in Alberta at a time when the province’s auto insurance system is already under tremendous strain from tariffs, inflation, growing legal costs, and rising vehicle repair and replacement costs,” said Aaron Sutherland, vice-president, Pacific and Western, at IBC….