New analysis released by the Insurance Council of Australia (ICA) shows that motor vehicle theft claims are increasing significantly in some parts of the country, namely Queensland and Victoria.
According to data from Insurance Statistics Australia (ISA), Queensland and Victoria saw the biggest increase in theft claim frequency, rising by 62% in rural and regional Queensland, 39% in metro Queensland and 34% in metro Victoria.
In 2015, the total value of motor vehicle theft claims was A$218m ($138.6m). In 2024, the amount jumped to $428m (+96.3%).
Although ICA deputy CEO Kylie Macfarlane noted that while motor vehicle theft is currently a small part of insurance premiums, she also conceded that it is a growing concern and should not go unrecognised.
Analysis of ISA data released shows that across the same period, the number of motor vehicle theft claims rose from 22,000 in 2015 to 28,000 in 2024, up 27.3%.
The number of all Queensland claims rose 101%, and the value of those claims increased from $36m to $113m (+213.8%). Over the same period, the total number of motor vehicle policies in the state increased by 32%.
The number of all claims in Victoria rose 70%, with the value rising from $60m to $173m (+188.3%). Over the same period, the total number of motor vehicle policies in Victoria increased by 28%.
Said Ms Macfarlane, “This new data analysis shows alarming rates of motor vehicle theft claims in some parts of the country, which will ultimately cost us all.”
On the other hand, Western Australia saw a decrease in theft claim frequency between 2015 and 2024. Theft claim frequency held steady in rural and regional New South Wales while decreasing in metro areas, and in South Australia theft claim frequency held steady across the State.