Liability Insurance Australia :: News
SHARE

Share this news item!

Car Theft Claims Skyrocket, Raising Insurance Concerns

Car Theft Claims Skyrocket, Raising Insurance Concerns

Car Theft Claims Skyrocket, Raising Insurance Concerns?w=400

⚠️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.

The Insurance Council of Australia has unveiled substantial data revealing that the expense related to vehicle theft claims has almost doubled since 2015.
Last year, the industry handled $428 million in claims, signaling a stark increase from $218 million a decade ago.
The data comes from Insurance Statistics Australia, which has adjusted historic dollar values for inflation, highlighting an urgent trend in rising car crime claims.

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
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Australian Insurers Adapt Investment Strategies in Response to Geopolitical Shifts
Australian Insurers Adapt Investment Strategies in Response to Geopolitical Shifts
07 Mar 2026: Paige Estritori
Australian insurers are actively revising their investment portfolios in response to evolving geopolitical events and economic conditions. According to the 2025 Australian Insurance Report by Janus Henderson Investors, 47% of insurers plan to increase their investment portfolio risk over the next 12 months, with a significant focus on private markets. - read more
Rising Insurance Premiums: What Australian Beauticians Need to Know
Rising Insurance Premiums: What Australian Beauticians Need to Know
07 Mar 2026: Paige Estritori
Recent industry reports indicate that Australian insurers are facing significant challenges due to escalating claims costs and broader economic pressures. This trend is leading to adjustments in premium rates, which could have direct implications for beauty salon owners and professionals. - read more
How AI is Transforming Investment Strategies in Australia's Insurance Sector
How AI is Transforming Investment Strategies in Australia's Insurance Sector
07 Mar 2026: Paige Estritori
The Australian insurance industry is increasingly turning to artificial intelligence (AI) to refine investment strategies and enhance portfolio performance. A recent report by Janus Henderson Investors reveals that nearly half of Australian insurers plan to increase their investment portfolio risk over the next year, with AI playing a pivotal role in this shift. - read more
What Beauticians Can Expect from the Upcoming Insurance News Outlook 2026 Conference
What Beauticians Can Expect from the Upcoming Insurance News Outlook 2026 Conference
07 Mar 2026: Paige Estritori
The Insurance News Outlook 2026 conference, scheduled for March 19 in Sydney, is set to delve into the evolving landscape of claims trends and the accelerating influence of technology within the insurance industry. This event presents a valuable opportunity for beauty salon owners and professionals to gain insights into developments that could impact their insurance coverage and claims processes. - read more
IAG CEO Predicts Ongoing Insurance Premium Rises
IAG CEO Predicts Ongoing Insurance Premium Rises
07 Mar 2026: Paige Estritori
Insurance Australia Group (IAG), a leading insurer in Australia, has reported a significant 91% increase in net profit for the first half of the 2024-2025 financial year, reaching $778 million. This substantial profit growth is largely attributed to favourable weather conditions during the period. - read more


Business Insurance Articles

Understanding the Key Factors Influencing Your Liability Insurance Premiums
Understanding the Key Factors Influencing Your Liability Insurance Premiums
Liability insurance is a form of coverage that protects businesses against claims resulting from injuries and damage to people or property. It provides crucial peace of mind, ensuring that your business is shielded from potentially devastating financial losses due to lawsuits or claims against it. - read more
Reducing Your Risks: Public Liability Coverage Tips for Trade Professionals
Reducing Your Risks: Public Liability Coverage Tips for Trade Professionals
For tradesmen and trade professionals, venturing into the world of business comes with its set of challenges and risks. Among the myriad of precautions to consider, one critical safeguard stands out for its ability to protect both the tradesperson and their clients: Public Liability Insurance. This form of coverage is not just a safety net; it is a cornerstone of a responsible business practice within the trade industry. - read more
Is Your Business Fully Protected? Top Signs It’s Time to Renew Your Liability Insurance
Is Your Business Fully Protected? Top Signs It’s Time to Renew Your Liability Insurance
As a business owner, one of your top priorities is safeguarding your enterprise from unforeseen events that could lead to financial liabilities. Liability insurance is the cornerstone of this protection, offering a safety net against claims that could otherwise derail your business's financial stability. However, it's not just about having insurance; it's crucial to ensure your coverage is current and adequate for your evolving business requirements. - read more
Q&A: Common Questions Australian Business Owners Have About Public Liability Insurance
Q&A: Common Questions Australian Business Owners Have About Public Liability Insurance
Public liability insurance is a crucial aspect of managing risk for businesses in Australia. This type of insurance covers costs associated with claims made against a business for property damage or personal injury caused during business operations. - read more
Understanding Liability Insurance: A Must-Read for Australian Business Owners
Understanding Liability Insurance: A Must-Read for Australian Business Owners
As a business owner in Australia, navigating the complexities of insurance is crucial to safeguard your enterprise against unforeseen events. Liability insurance emerges as a cornerstone of a sound risk management plan, protecting you financially when held responsible for accidents, injuries or negligence. Its importance cannot be understated, as it serves not only to defend your business assets but also to ensure peace of mind in a climate of continually evolving liabilities. - read more


Start Here !
Your free liability insurance quote comparison starts here!
Cover Amount:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Underwriting:
The process by which an insurer determines the risk of insuring a client and decides the terms of coverage.