Latest news with #Insurance Bureau of Canada
CTV News
29-07-2025
- Automotive
- CTV News
Car theft numbers are dropping, but will your insurance rates?
Experts say car thieves are employing new tactics as awareness and enforcement has resulted in a drop in auto thefts in 2025. John Vennavally-Rao reports. Experts say car thieves are employing new tactics as awareness and enforcement has resulted in a drop in auto thefts in 2025. John Vennavally-Rao reports. Car thefts are down dramatically across Canada this year, but don't expect your auto insurance bill to get any cheaper. New data shows vehicle thefts dropped 19 per cent nationally in the first half of 2025, compared to the same period last year. Ontario saw the biggest decline at 26 per cent. But insurance industry officials say the improvement in theft rates won't necessarily translate to lower premiums for drivers anytime soon. 'It's encouraging to see some small steps in the right direction,' Hanna Beydoun, director of auto policy at the Insurance Bureau of Canada, told CTV News. 'But the problem remains significantly above historical levels, and it's far from the only factor that contributes to the cost that drivers pay for auto insurance.' According to a new report from Equate Association, 23,000 personal cars and trucks were stolen in the first half of this year, which is down substantially from the 34,000 by July of 2023. While the numbers represent progress, they come after a decade of rising theft rates. The Insurance Bureau of Canada says over the last 10 years, claims are up more than 115 per cent and auto theft costs have skyrocketed 371 per cent. 'One year is great, it's a great indication of where trends might go,' Beydoun said. 'But there's still lots more work that remains to be done to get us out of this auto theft crisis.' Why premiums keep rising Beyond theft, Beydoun says several factors are driving up insurance costs across the country, including repair costs having jumped 22 per cent since the pandemic began, noting that tariffs on vehicle parts are making replacements more expensive. She also says Alberta has seen collision-related lawsuits rise significantly. 'Unless all the cost drivers are completely pulled out of the system, there's going to be continued upward pressure on auto insurance premiums across the country,' Beydoun said. For Ryan Tostik of Milton, Ont., the theft statistics aren't just numbers. They represent a devastating personal loss. His beloved 2004 Chevy Silverado was stolen from an auto repair shop on July 18. Tostik had spent six years and a lot of money restoring the truck, including a fresh paint job and new engine. 'It's all a big shock, to be honest. I kind of feel violated,' he said. 'Considering how much money that I put into it, and it was considered almost finished.' Tostik says to him, the truck was worth between $50,000 and $60,000, and he can't believe it was gone 'within minutes.' He says the response from police was discouraging. 'They just say it's an everyday occurrence. So, more or less, they tell me you're on your own,' he said. 'Otherwise, call your insurance company.' Now Tostik is hoping his insurer will recognize the truck's value, and is armed with receipts for all the restoration work. 'I never had anything stolen in my life. So it's a big shock and a gut-wrenching feeling in the stomach,' he said. 'I'd like to have the vehicle back. I'm not hopeful, but I'm trying to be hopeful.' Brian Gast, national vice-president of Investigative Services at Equite Association, credits the decline in thefts to increased public awareness and a collaborate effort between various levels of government and law enforcement agencies. 'I do caution that even though the numbers are going down, they're still high,' he said. 'It doesn't mean that we need to take our foot off the gas.' Gast says auto theft remains a major funding source for organized crime and criminals are adapting. Gast says investigators are seeing more 'chop shops,' where stolen vehicles are dismantled and sold for parts, and they're also replacing the vehicle identification number on stolen vehicles. How to protect yourself Gast has a few recommendations when it comes to vehicle security: Park in a garage or well-lit area, when possible Keep windows up and doors locked Never leave key fobs inside the vehicle Consider aftermarket tracking devices Use visible deterrents like steering wheel locks 'You don't have to do them all, but we call it a layered approach,' Gast said.
CBC
27-07-2025
- Climate
- CBC
Municipalities hit by Ontario ice storm turn to province for recovery money
Social Sharing Ontario cities and towns impacted by a destructive ice storm in early spring have until Monday to raise their hand for a provincial recovery fund meant to offset the cost of cleaning up. The storm, which hit swaths of central Ontario and Quebec on March 28, knocked out power to more than one million homes and businesses and cost $342 million in insured damage alone, according to the Insurance Bureau of Canada. It also brought huge costs on municipalities, who scrambled to repair infrastructure and clear roads of fallen trees and brush. "Because we are the second largest municipality in Ontario, it's a huge job to do. So we will be experiencing costs in excess of $15 million," said Kawartha Lakes Mayor Doug Elmslie of his community's cleanup. WATCH | A look at spring's ice storm cleanup: Some Ontario residents remain without power as ice storm cleanup continues 4 months ago Power outages continue in some Ontario regions that were hit hardest by last weekend's ice storm. As CBC's Dale Manucdoc reports, power restoration efforts will continue into the latter part of the week, while impacted areas brace for more freezing rain expected Wednesday. Ontario's municipal ice storm assistance program requires municipalities to submit an expression of interest by Monday, with final application packages due on Oct. 31. Elmslie says he's "very grateful" for the program, which promises to cover a sliding scale between 75 and 95 per cent of a municipality's total costs, depending on the size of its tax base and how much it spent. He says whatever's left will come from Kawartha Lakes' reserve fund, after which "we could look at our budget and see where we could pare things [down] or save." Brenda Rhodes, deputy mayor of Bracebridge, said her town spent about $470,000 after the ice storm, which they will be "looking to [be] reimbursed for" by the provincial program. "We had prolonged power outages, significant damage to power lines, and obviously the trees and debris that was down on the roads," she said. Orillia Mayor Don McIsaac says clearing trees and brush was the biggest post-storm line item for his city as well, with about $300,000 going toward paying for trucking out downed trees alone. "We really spent $7.6 million in terms of the recovery effort," said McIsaac, much of it on tree and brush removal. "We estimate we'll get about 6.6 million back."
CBC
23-07-2025
- CBC
Members of 'theft ring' suspected of registering stolen vehicles using loopholes
The Alberta RCMP have laid charges against members of an organized vehicle theft ring that relied on registering stolen vehicles under the names of unsuspecting individuals. In a news release Wednesday, RCMP stated that this group was registering stolen vehicles with fraudulent vehicle identification numbers (VINs) by primarily exploiting loopholes in Alberta Registries' Third-Party Authorization System. It can be used by people involved in organized crime to legitimize stolen, "re-VINned" vehicles. As a result of an investigation by the RCMP Auto Theft Unit that began in December 2024, five individuals from Edmonton and two from High River, Alta., have been charged with a combined total of 99 criminal charges. Police said at least 30 stolen vehicles have been linked to the charged individuals, and six of these vehicles have been recovered so far. According to Hanna Beydoun, the Insurance Bureau of Canada's director of auto policy, "re-VINning" refers to when a person illegally alters the Vehicle Identification Number to "hide the true identity of that car, mislabelling it essentially." "So, this allows them to register it at provincial registries and sell it to these innocent and unsuspecting buyers," Beydoun said. RCMP said that more than one kilogram of cocaine, more than 200 OxyContin pills, and nearly $10,000 in cash were also seized. Since the beginning of the investigation in 2024, the RCMP Auto Theft Unit has identified and is working to locate more than 150 registered stolen vehicles that have been re-VINned. Overall, the wider investigation by the Auto Theft Unit has resulted in the recovery of approximately $1.9 million in stolen vehicles in Alberta. How police plans to address rising auto thefts in Alberta 13 days ago Alberta is experiencing a rise in car theft — and Edmonton is one of the hardest-hit cities. CBC's Stephanie Cram spoke with Edmonton's interim police chief about plans to tackle the issue.
CBC
17-07-2025
- Business
- CBC
Burning cash: Sask. insurance agencies dealing with glut of wildfire insurance claims
Social Sharing As wildfires continue to tear through northern Saskatchewan, insurance companies are starting to feel the heat. Insurance companies expect the fire season to run April to September. But while they often affect less-populated areas farther north, this year that has not entirely been the case, said Emily Proulx, branch manager for Hub International in Prince Albert. Proulx said she has noticed an uptick in claims made across the province from areas like Denare Beach, La Ronge and Flin Flon. While most people tend to purchase coverage for their homes, not everyone understands the full scope of it, especially when it comes to emergency situations. Many insurance companies have a moratorium during certain seasons, including wildfire season, when coverage cannot be changed or increased, Proulx said. She said fire insurance cannot be added if a fire is already burning within a certain distance of a property or there is a "threat." Proulx used Candle Lake as an example. "There's a fire burning within that 50 kilometres or whatever," she said. "There's no negotiation with the insurance company to say, 'Can you add coverage?' The answer is flat out 'no.'" Knowing your policy Craig Stewart, vice-president of climate change and federal issues for the Insurance Bureau of Canada, said the priority is "making sure that our customers are prepared and that the people that need insurance can still get it and that the insurance coverages are what people need." "Most people expect it never to happen to them, so it's very important to be prepared in case it does," Stewart said. That includes taking photographs and inventory of what's in your home and identifying what is most valuable. "If you get to the point where you need to unfortunately evacuate, file a claim … sometimes you can't get back to your home to be able to demonstrate what was there," Stewart said. He said most people who have "full replacement value" in their policy can have their homes rebuilt. 700 wildfire related claims, SGI Canada says Since May, there have been close to 700 wildfire-related claims made to SGI Canada involving mass evacuation claims, total loss of house, cabin fires or houses with fire damage that are still standing. SGI Canada said its auto fund has also received more than 300 claims, with most being a total loss. "It's too early to tell what kind of impact this wildfire season will have, but as extreme weather events become more frequent and severe, the insurance industry as a whole will be affected," said a spokesperson for SGI Canada in an email to CBC. "Losses due to wildfires, floods, wind and hailstorms continue to trend upwards. Mitigation measures and construction resiliency will be key to stabilizing insurance rates going forward."
