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Daily Insurance Industry News
Monday 21st of May 2018
May 21, 2012

ABI reports on rising cost of metal theft

by Richard Kilner

Story link: ABI reports on rising cost of metal theft

The Association of British Insurers (ABI) has reported that over £1m per week is being paid out by insurers due to metal theft.

The annual cost of the rising metal crime for the UK economy has been estimated at £770m, with an estimated 1,000 incidents every week.

The weekly incidence rate has doubled from 2007, and has caused numerous train delays as well as churches frequently attacked by the criminals.

Rising prices have made metals, including copper and lead, more attractive to criminals, who also benefit from the difficulty of tracing a metal’s origin.

ABI Director of General Insurance Nick Starling warned that metal thieves risk their own lives, and cause highly expensive damage and huge disruption.

Starling went on to say that the ABI supported Government measures to make it harder to sell stolen metal and to more harshly punish offenders.

Last week Bluefin reported a recent surge in the theft of catalytic convertors for sale as scrap metal.

 

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