Asia watch claims jump 21% as theft rises

The global average increase was lower at 17% over the past three years.

Insurance claims for lost and stolen luxury watches have risen fastest in Asia, with insurers reporting an average 21% increase over the past three years.

The survey of 100 insurance loss adjusters and claims managers across Asia, the US, Europe, and the Middle East found that luxury watch claims increased by an average of 17% globally,  according to new research by The Watch Register.

Some 67% of respondents reported claims had risen by 10% to 25%, whilst 9% saw increases of 25% to 50%. By comparison, insurers in the United States reported an average increase of 15%.
 

Insurers expect claims to continue rising, forecasting an average 24% increase over the next three years. More than half (54%) expect claims to rise by 10% to 25%, whilst 32% anticipate increases of 25% to 50%.

The survey also found that 77% of insurers have seen more defective title claims from jewellers who unknowingly purchased stolen watches. 

As a result, 83% now require policyholders to check a stolen watch database before such claims are paid.

The Watch Register said it has identified more than 5,000 lost and stolen watches since its launch and traced stolen timepieces across 34 countries in the past year alone.