ILC ARTICLE

Insurers count cost of rising vehicle thefts

22nd June 2023

Specialist motor insurance adjuster Claims Management & Adjusting (CMA) says that vehicle thefts are now costing UK insurers £1.54bn a year.

Managing Director Philip Swift said: “Vehicle theft costs to UK insurers increased by £100m to £1.54bn last year. This rise is due to a five per cent decline in stolen car recovery rates.

“According to our analysis, around 23% of stolen vehicles are recovered nationwide. However, it is a continuation of the steady downward trend we have seen since 2006, when over three quarters of stolen cars were successfully recovered.

“Unfortunately, vehicle theft and its victims are simply not a priority for many UK police services. The picture is worse in pound note terms than the ‘joyriding’ epidemic of the 1990s, when there were half a million thefts a year. Today, less cars are taken but organised criminal gangs target high value models like Range Rovers, often for parts or export.”

He added, “The future of vehicle crime investigation lies in quickly utilising data from modern connected cars, but this will require far closer co-operation between insurers, the police, vehicle manufacturers and associated parties.”