Cost of Crime Estimated at $428 Billion a Year
Despite record low levels of crime nationally, the annual cost of personal and property crimes is an estimated $428 billion a year, or $1.2 billion a day, according to a report released by the National Crime Prevention Council (NCPC).
The report, entitled “Preventing Crime Saves Money,” looks at the overall impact of crime and uses cost-benefit analysis to show investment in crime prevention is an effective way for communities to minimize the financial damage that crime causes.
It also estimates that victims of crime or their survivors pay $44 billion a year as a consequence of murder, rape, robbery, assault, abuse and neglect, while insurers pay $45 billion in crime-related costs to their policyholders.
The release of the NCPC’s report coincides with Crime Prevention Month, and stresses its belief in prevention and awareness for communities to lessen crime, including the installation of alarm systems.
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