2024 Executive Outlook |Matthew Turack, CAA Insurance, Echelon Insurance, Orion Travel Insurance

Matthew Turack, Group President, CAA Insurance, Echelon Insurance, Orion Travel Insurance

Collaboration will be key for the insurance industry in 2024.

We are seeing complex issues take hold that cannot be solved by one organization, industry or sector. The rising rate of auto theft, for example, is quickly establishing itself as something that will not be resolved without proactive, collaborative efforts. If left unresolved, this growing problem will increasingly impact customers across the country. It is incumbent upon us to take immediate and meaningful actions.

To date, the insurance industry has focused primarily on the most frequently stolen vehicles. But for many, no matter the make, loss of a vehicle impacts their employment and livelihood.

Our research shows that although general awareness of auto theft is high (over 50% of Canadians say it’s a problem), an individual policyholder’s concern that his or her own vehicle may be stolen is considerably less (30%). Drivers are not taking the necessary measures to protect their vehicles, with fewer than 10% using either a faraday bag or a steering wheel lock. Resolving this issue, however, cannot sit solely on the shoulders of drivers.

We have participated in numerous meetings with the intent of opening and advancing a dialogue on this emerging issue and we continue to help educate Canadians by providing tips on how to help deter vehicle theft.

Concrete solutions require ongoing efforts from many, including law enforcement, the insurance industry, multiple levels of government, vehicle manufacturers and others, including Canada Border Services Agency.

Coming together in a meaningful way to combat auto theft will not only establish a model to address issues collaboratively in an increasingly complex world, it will also help protect the affordability of insurance in the future.