Motor theft claims surge 96% to $270m in Australia over nine years

Theft claim frequency also rose sharply in Queensland and metro Victoria.

The Insurance Council of Australia (ICA) has reported a significant rise in motor vehicle theft claims, with the total value nearly doubling from ($137.3m) A$218m in 2015 (adjusted to 2024 dollars) to $269.5m (A$428m) in 2024—a 96% increase in real terms. 

The number of claims also rose from 22,000 to 28,000 during the same period, marking a 27% increase.

Theft claim frequency also rose sharply in Queensland and metro Victoria. Rural and regional Queensland saw a 62% increase, metro Queensland 39%, and metro Victoria 34%.

In contrast, Western Australia recorded a decrease in theft claim frequency, whilst the rate remained steady in rural and regional New South Wales and South Australia.

ICA Deputy CEO Kylie Macfarlane stated that rising vehicle values and higher costs for parts and labour are putting upward pressure on premiums. 

Whilst motor vehicle theft remains a small part of insurance premiums, Macfarlane warned that the growing frequency and cost of theft should not be overlooked, as it could ultimately impact premium rates nationwide.

($1.00 = A$1.59)