Auto theft is a growing concern for insurance companies in Canada, and Aviva Canada is no exception. The company has reported a significant impact on their bottom line due to the rise of auto theft “cats” – a term used to describe organized criminal groups that specialize in stealing vehicles.
According to Aviva Canada’s data, auto theft claims have increased by 15% in the past year, with an average cost of $8,000 per claim. This has resulted in a loss of millions of dollars for the insurance company, ultimately affecting their financial performance.
The rise of auto theft cats can be attributed to several factors, including the increasing popularity of keyless entry systems and the ease of selling stolen vehicles for parts. These organized criminal groups are also becoming more sophisticated, using advanced technology to bypass security systems and steal vehicles in a matter of seconds.
Aviva Canada is taking steps to combat this issue, including investing in new technology to prevent auto theft and working closely with law enforcement agencies to identify and dismantle these criminal groups. The company is also urging vehicle owners to take precautions, such as using steering wheel locks and parking in well-lit areas, to reduce the risk of their vehicle being stolen.
In addition to the financial impact, auto theft also has a significant emotional toll on victims. Aviva Canada’s data shows that 40% of stolen vehicles are never recovered, leaving owners without their mode of transportation and facing the burden of filing insurance claims and dealing with the aftermath of the theft.
The insurance company is calling for stronger penalties for auto theft and stricter regulations for the sale of stolen vehicle parts. They are also encouraging the public to report any suspicious activity or information related to auto theft to help combat this issue.
In conclusion, the rise of auto theft cats is a concerning trend that is affecting not only Aviva Canada’s bottom line but also the well-being of vehicle owners. The company is taking proactive measures to address this issue, but it will require a collective effort from all stakeholders to effectively combat auto theft in Canada.
