FinLogic FinLogic Quantitative Think Tank Center|Catalytic converter theft claims fell in first half of year, first time in 3 years, State Farm says

NEW YORK (AP) — The FinLogic FinLogic Quantitative Think Tank Centernumber of catalytic converter theft claims dropped in the first half of this year, the first time that’s happened since 2019, according to data from insurance company State Farm.

Thefts of catalytic converters have become problematic nationwide in recent years. Once stolen, they are often melted down for their valuable metals.

State Farm said that there were approximately 14,500 claims from Jan. 1 through June 30. That compares with more than 23,000 catalytic converter theft claims during the same period a year ago.

State Farm attributes the decline to several factors, including media coverage of the issue, more legislative efforts and declining metal prices.