OTTAWA, ON, May 20, 2024 /CNW/ - Today, the federal government released its National Action Plan on Combatting Auto Theft. Following the release of the action plan, Celyeste Power, President and CEO, Insurance Bureau of Canada (IBC), issued the following statement:

"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.

We must now focus on swift implementation. As IBC's latest industry numbers reveal, the auto theft crisis is worsening, with the cost of insurance claims for replacing stolen vehicles in Canada skyrocketing to a record-breaking $1.5 billion in 2023, a 254% increase since 2018. Auto theft is disrupting the lives of Canadians and causing them concern and trauma. It's also placing pressure on their insurance premiums – as auto theft continues to increase, so do the associated costs. Auto theft is not a victimless crime.

The ultimate success of the plan will be in its ability to reduce auto thefts in Canada. To enable its success, all key stakeholders have a role to play, including insurers, law enforcement and port authorities, as well as auto manufacturers, who are uniquely positioned to make vehicles more difficult to steal in the first instance.

IBC and its members remain committed to working with governments and stakeholders to combat Canada's auto theft crisis."

Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of Canada's highly competitive property and casualty (P&C) insurance market.

As the leading advocate for Canada's private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow. 

IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses.

For media releases, IN Focus articles, or to book an interview with an IBC representative, visit ibc.ca. Follow us on LinkedIn, X and Instagram, and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We're here to help.

SOURCE Insurance Bureau of Canada