Car Theft Claims Skyrocket, Raising Insurance Concerns

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Particularly striking is the 27% rise in claim numbers, growing from 22,000 to 28,000. Interestingly, this surge is primarily driven by regional areas in Australia, though metropolitan zones noted a slight decline. State-wise breakdown shows Queensland and Victoria witnessing the most significant rises in claims.

In Queensland, the total cost of vehicle theft claims soared to $113 million from $36 million in 2015, coinciding with a 32% rise in vehicle policies. Victoria reported 7,823 metro area thefts, costing $140 million, marking a notable escalation in both numbers and expenses.

Conversely, a decline in claim numbers was noted in Western Australia and New South Wales metropolitan areas, while South Australia saw a marginal increase. Overall, the number of vehicle policies escalated by 26%, reaching 12.1 million from 9.6 million in 2015.

Kylie Macfarlane, the deputy CEO of the ICA, pointed out the rising vehicle values and increasing costs of parts and labor as significant contributors to the upward pressure on premiums nationwide. She emphasized recognizing the frequency and cost of motor theft as documented by the industry, indicating widespread implications that could affect consumers broadly.

Insurance Statistics Australia, a voluntary body managing data for insurance stakeholders including the ICA, underscores the growing concern with its latest findings. This trend necessitates vigilance, given its potential impact on the insurance landscape and consumer costs.

Published:Monday, 24th Mar 2025
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

New APRA Data Reinforces the Need to Review Income Protection Cover

29 Jul 2026: Paige Estritori

APRA’s latest life insurance performance data has put income protection back under the spotlight, with disability income products continuing to be one of the more closely watched areas of the sector. While the broader life insurance industry has been showing signs of improved stability, the update reinforces that policies designed to replace income after illness or injury remain sensitive to claims experience, pricing, and changing work and health trends. - read more

Why Severe Weather Readiness Matters for Boat Owners

29 Jul 2026: Paige Estritori

Australia’s latest severe weather preparedness messaging from the insurance sector is a timely reminder that boat owners face a different risk profile to many households. Storms, flood surge, hail, cyclonic winds and marina damage can all affect vessels well before a skipper has a chance to move them. For owners in Queensland, New South Wales, Western Australia and the Northern Territory in particular, the lead-up to summer is not just a maintenance checkpoint; it is a financial protection checkpoint. - read more

What Rising Insurance Disputes Mean for Small Businesses

29 Jul 2026: Paige Estritori

Recent industry reporting on the latest insurance complaints environment points to a clear message for Australian small businesses: the hardest part of insurance is often not buying a policy, but relying on it when something goes wrong. Disputes continue to arise around claim delays, declined claims, settlement amounts, policy exclusions and communication breakdowns between customers and insurers. - read more

Rising Insurance Disputes Show Why Claims Service Matters

29 Jul 2026: Paige Estritori

Australia’s latest financial dispute data has put insurance claims handling back in the spotlight, with consumers and small businesses continuing to seek outside help when problems with insurers cannot be resolved directly. The trend is a timely reminder that an insurance policy should be assessed not only on premium, but also on how clearly it explains cover, how exclusions work, and how effectively claims are managed when pressure is highest. - read more

What Cosmetic Treatment Scrutiny Means for Beauty Business Cover

29 Jul 2026: Paige Estritori

Australian beauty businesses offering higher-risk aesthetic treatments are facing another reminder that compliance is now a front-of-house issue, not just a back-room admin task. Recent beauty industry reporting has focused on the continued scrutiny of cosmetic injectables, skin procedures and treatment advertising, with regulators expecting clearer consent, accurate marketing and suitable clinical oversight where health-related services are provided. - read more

Click for more Insurance News