Revealed – top Alberta cities for rising auto theft claims
Revealed – top Alberta cities for rising auto theft claims | Insurance Business Canada
Motor & Fleet
Revealed – top Alberta cities for rising auto theft claims
IBC calls for urgent action
Motor & Fleet
By
Terry Gangcuangco
After recently ranking the costliest cities in Ontario in terms of auto theft claims, the Insurance Bureau of Canada (IBC) has now shared the figures for Alberta – naming the so-called hotspots in the province, or the cities with the highest rates of increase in auto theft claims costs from 2021 to 2023.
City
2021 auto theft claims costs
2022 auto theft claims costs
2023 auto theft claims costs
Increase between 2021 and 2023
Medicine Hat
$390,761
$427,586
$672,398
72%
Edmonton
$15,749,461
$21,224,044
$26,193,922
66%
Fort McMurray
$2,071,849
$2,441,559
$3,311,123
60%
Calgary
$20,856,769
$29,040,163
$33,076,848
59%
Lethbridge
$732,742
$1,167,920
$955,716
30%
Commenting on the numbers, IBC Western and Pacific vice president Aaron Sutherland (pictured) said: “The auto theft crisis continues to persist across Alberta, and it’s adding pressure to the cost of auto insurance for all drivers. Auto theft disrupts lives and creates fear in communities across the province. Urgent action must be taken to address this growing trend.
“Claims costs now exceed the amount of money insurers are collecting in premiums because of the auto insurance rate cap in Alberta. As a result, insurers are being forced to scale back their offerings to remain viable, and this is making it more difficult for many drivers to secure the coverage they need.
“Reform is needed urgently, and as the government considers various solutions to reduce premiums for drivers, it’s critical that it addresses these cost pressures.”
Citing information from the General Insurance Statistical Agency, IBC said the cost pressures facing the province’s auto insurance system include legal costs, which currently account for a greater portion of the premiums drivers pay in Alberta than anywhere else in the country.
At the time, IBC president and chief executive Celyeste Power stated: “IBC commends the federal government on the release of its National Action Plan on Combatting Auto Theft. Many of the property and casualty insurance industry’s public policy solutions are captured in the comprehensive and informed plan. We thank the government and law enforcement agencies that contributed to its content.”
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