Metal theft costs insurers £1m a week

Insurers are paying out more than £1m a week on metal theft claims, according to the ABI.

The trade body estimates that the crime costs the UK economy £770m a year, and that there are 1,000 metal thefts a week.

Metal theft also costs the UK economy £15m a week to replace stolen items and for disruption and lost business.

Solutions to the problem will be discussed at an ABI conference tomorrow between the government, insurers and the police.

ABI director general Nick Starling said: “Metal thieves are putting lives at risk, causing expensive damage and massive disruption. From delayed train journeys to loss of telephone and internet connections, to damaged churches, most people are affected by this crime.

“We support government action to make it harder to sell on stolen metal and tougher penalties for offenders. Insurers have a key role to play, not only compensating  those insured, but in helping their customers take sensible security measures to reduce this ever-present threat. This is why we are working with the government to crackdown on metal thefts”.