New analysis released by the Insurance Council of Australia (ICA) today shows that motor vehicle theft claims are increasing significantly in some parts of the country.
In 2015 the total value of motor vehicle theft claims was $170 million, or around $218 million in 2024 dollars. In 2024 the total value jumped to $428 million - a rise of 96 per cent in real terms.
Analysis of Insurance Statistics Australia data released today shows that across the same period the number of motor vehicle theft claims rose from 22,000 in 2015 to 28,000 in 2024 - up 27 per cent.
The picture varied considerably from state to state, with Queensland and Victoria experiencing the biggest increases (see tables 1 and 2).
The number of all Queensland claims rose 101 per cent and the value of those claims increased from $28 million ($36 million in 2024 dollars) to $113 million, or an increase of 214 per cent in real terms.
Over the same period the total number of motor vehicle policies in Queensland increased 32 per cent.
The number of all Victorian claims rose 70 per cent and the value of those claims increased from $46 million ($60 million in 2024 dollars) to $173 million, or an increase of 188 per cent in real terms.
Over the same period the total number of motor vehicle policies in Victoria increased 28 per cent.
Metro Victoria now incurs the highest cost of motor vehicle theft claims, reaching $140 million in 2024.
Queensland and metro Victoria saw the biggest increase in theft claim frequency (the incidence of motor vehicle theft as a percentage of total motor policies), with theft claim frequency rising by 62 per cent in rural and regional Queensland, 39 per cent in metro Queensland, and 34 per cent in metro Victoria (see table 3).
Western Australia saw a decrease in theft claim frequency between 2015 and 2024. Theft claim frequency held steady in rural and regional New South Wales while decreasing in metro areas, and in South Australia theft claim frequency held steady across the State.
Quotes attributable to ICA Deputy CEO Kylie Macfarlane:
Motor vehicle theft, while currently a small part of insurance premiums, is a growing concern.
The value of motor vehicles has increased significantly since 2015, as has the cost of parts and labour, putting upward pressure on premiums across the country.
However, the frequency of motor theft and the cost of that theft, as recorded by the insurance industry, should not go unrecognised.
This new data analysis shows alarming rates of motor vehicle theft claims in some parts of the country, which will ultimately cost us all.
