Canadian insurance companies lost more than $1 billion in vehicle theft claims for the first time in history in 2022, largely due to organized crime, according to an industry report.
“Vehicle theft reaches a crisis level as Canada becomes a source nation for illegal trade,” said Équité Association in a news release accompanying the Vehicle Theft Trend Report for 2022. “The numbers are staggering.”
“For the first time in history, insurers lost over one billion dollars in stolen vehicles, which directly impacts Canadians at a time when inflation and affordability are putting excess strain on consumers,” said Équité Association, a non-profit that represents Canadian insurance companies….