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
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

Europ Assistance Australia Now Underwriting Its Own Travel Insurance Policies
Europ Assistance Australia Now Underwriting Its Own Travel Insurance Policies
07 May 2026: Paige Estritori
In a significant development for the Australian travel insurance sector, Europ Assistance Australia (EAA) has been granted a general insurance licence by the Australian Prudential Regulation Authority (APRA). This authorisation enables EAA to underwrite its own travel insurance products, marking a pivotal step in its commitment to the Australian market. - read more
ATIA Pushes for Permanent Travel Insurance Sales Rights for Agents
ATIA Pushes for Permanent Travel Insurance Sales Rights for Agents
07 May 2026: Paige Estritori
The Australian Travel Industry Association (ATIA) is intensifying its efforts to secure a permanent authorisation for travel agents, tour operators, and accredited travel businesses to sell travel insurance at the time of booking. This initiative follows an exemption granted in 2021, which is set to expire in October 2026. - read more
Nib Divests World Nomads International Travel Insurance to Focus on Core Health Services
Nib Divests World Nomads International Travel Insurance to Focus on Core Health Services
07 May 2026: Paige Estritori
In a strategic move to concentrate on its core health insurance operations, Nib Holdings has entered into a binding agreement to sell its World Nomads international travel insurance business to International Medical Group (IMG) for a cash consideration of $67.5 million. This transaction is subject to regulatory approvals and customary conditions, with the majority of proceeds expected within the current calendar year. - read more
ACCC Halts IAG's Proposed Acquisition of RAC Insurance
ACCC Halts IAG's Proposed Acquisition of RAC Insurance
07 May 2026: Paige Estritori
The Australian Competition and Consumer Commission (ACCC) has intervened to block Insurance Australia Group's (IAG) proposed $1.35 billion acquisition of RAC Insurance, citing significant concerns over reduced competition in Western Australia's insurance sector. This decision underscores the regulator's commitment to maintaining a competitive market landscape, particularly in essential household insurance lines. - read more
Middle East Conflict Drives Up Costs for Australian Insurers
Middle East Conflict Drives Up Costs for Australian Insurers
07 May 2026: Paige Estritori
The ongoing conflict in the Middle East is exerting significant pressure on Australian insurers, leading to increased costs across various lines of business. The Insurance Council of Australia (ICA) has reported that rising fuel prices are disrupting supply chains, escalating the cost of materials, and delaying labour availability for repairs to homes and vehicles. - read more
Click for more Insurance News


Business Insurance Articles

Public Liability Insurance for Events: What Organizers Need to Consider
Public Liability Insurance for Events: What Organizers Need to Consider
Public liability insurance is a type of coverage designed to protect businesses and individuals from the financial fallout associated with claims for injury or damage caused to third parties. It is particularly crucial for event organizers, who are responsible for ensuring the safety and security of attendees, vendors, and participants. - 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
 Why Every Business Needs Public Liability Insurance
 Why Every Business Needs Public Liability Insurance
Welcome to our comprehensive guide on public liability insurance. If you run a business, you've probably heard this term thrown around quite often. But what exactly is public liability insurance? - read more
Public Liability Insurance Claims: What to Expect and How to Prepare
Public Liability Insurance Claims: What to Expect and How to Prepare
Public liability insurance is a type of insurance policy that provides coverage for businesses and individuals against claims made by third parties for injuries or damages sustained while on their property or as a result of their activities. - read more
Insurance Essentials: Protecting Your Small Business with Public Liability Coverage
Insurance Essentials: Protecting Your Small Business with Public Liability Coverage
Running a small business in Australia comes with its own set of challenges and risks. One crucial aspect that should never be overlooked is insurance, particularly public liability insurance. The reason is simple: it offers essential protection against claims of property damage or personal injury caused by your business operations. - read more


Start Here !

Start here!

Cover Amount:
Postcode:
All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.

Knowledgebase
Beneficiary:
The person or entity designated to receive the death benefit from a life insurance policy.



Quick Links: | Liability Insurance Australia | Public Liability Insurance | Professional Indemnity Insurance | Business Liability Cover | Small Business Liability Insurance | Liability Insurance For Trades | Liability Insurance Quote | Corporate Liability Insurance | Liability Insurance For Professionals | Best Liability Insurance Australia
| HOME | RATES | CALCULATORS | NEWS | ARTICLES | ABOUT | CONTACT | PRIVACY | BROKERS | AFFILIATES | SITEMAP |
This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008, authorised Financial Services Representative of Unique Group Broker Services Pty Ltd, Australian Financial Services License 509434. Visit the ASIC website for additional licensing information.
powered by Financial Services Online | Copyright Clark Family Pty Ltd A.C.N. 010 281 008 - all rights reserved
IMPORTANT: We are neither authorised nor licensed to provide finance or financial products and we do not offer any form of credit or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to third party intermediaries, insurers and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for vaidating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.