Good news for insurers. Latest data points to a promising decline in the national problem of metal theft, according to the National Insurance Crime Bureau (NICB).
In a new report, the NICB notes that in just three years the number of metal theft insurance claims has declined by over 26 percent from 14,676 in 2011 to 10,807 in 2013.
The report reviews metal theft claims from January 1, 2011, through December 31, 2013.
During this period, 41,138 insurance claims for the theft of copper, bronze, brass or aluminum were handled Ã¢â‚¬“ of which 39,976 (97 percent) were for copper alone.
The NICB notes that when the number of metal theft insurance claims per month and monthly average copper prices are compared, the number of claims filed is found to have a statistically significant correlation with the price of copper.
Tightening controls on the sale of scrap metal have had a positive impact in local communities, the NICB says.
Ohio still ranks first of all states generating 4,144 metal theft claims in 2013, followed by Texas (2,827), California (2,489), Pennsylvania (2,345) and Georgia (2,067).
New York-Newark-Jersey City, NY-NJ-PA (1,725 claims) was the leading statistical area generating the most metal theft claims.
More on the link between copper prices and incidents of metal theft in this NICB video.