​Luxury watch theft ‘growing concern’ for insurance sector

The rise of luxury watch theft is a “growing concern” for the insurance sector.

That was according to Eleanor Moore, director of private clients at Broadway Insurance Brokers.

The Metropolitan Police has been carrying out undercover operations over the last two years to crack down on thieves, targeting those with luxury watches, as reported by BBC News.

This followed 300 luxury watches being stolen between April and September 2022, which equated to £4m in value.

Moore told Insurance Times: “It is a common worry for underwriters, brokers and, of course, the individuals who are the victims of such crime.

“Official figures show that such sentiments are far from misplaced. The number of burglaries involving the theft of watches or jewellery has risen by one third in just a decade.”

Primary focus 

Rolex watches, in particular, have been targeted by organised thieves, with the average price of a Rolex in the UK between £3,757 to £44,983, depending on design and additional gems.

According to The Watch Register database, around 80,000 watches have been registered stolen or missing, totalling more than £1bn.

The number of luxury watches registered on this database has been increasing year-on-year.

In 2022, it saw 6,815 watches newly recorded on its database as missing or stolen – a 60% increase on 2021.

Moore added: “Furthermore, an increasing proportion of offences of this nature seem to feature either the threat or the actual use of violence.

“It is important to stress that our industry’s primary focus is and should be on the safety of those confronted by criminals.

“There are, however, things which we can all do to mitigate at least some of the risk. Given the frequency of attacks in certain parts of central London, it’s advisable to exercise caution when visiting the area, whether it’s to see the sights or for business.”

Moore recommended not wearing luxury watches on holiday, and warned people to be weary of what they post on social media.