Speaking at the Confederation of British Industry conference, he said the Property Crime Reduction Action Team (PCRAT) was one example of the sort of action needed to cut the UK's £50bn-a-year bill from theft, vandalism, fraud and other crimes.

That figure equates to 6% of the UK's GDP.

The action team will be a partnership between central and local government, the insurance industry, police, fire service and other businesses.

It will be headed by Mark Wood, from Axa-SunLife & Provincial Holdings, with the goal of reducing property crime through encouraging better security in homes and specifically tackling the problem of repeat burglaries.

Shared responsibility

"The police are out there, fighting crime, keeping the peace and serving the community. The motor industry, the retail industry and now the insurance industry are all doing what they can," he said.

The new action team would not merely be a discussion group, he said, but would take action to cut crimes against properties.

"These crimes have an impact, not only on individuals and the communities but also on the insurance industry - and ultimately all of us who see our premiums rise along with the crime figures."

He said there were many other areas where business could get involved in initiatives to cut crime.

"There has been a temptation for some local authorities or the police to see businesses merely as sources of funding. I want your involvement in the partnerships to be much more than that.

"As successful businessmen and women you all have much to contribute as well. You bring different ideas, strategic thinking, a focus on setting quantified targets and delivery and information about the views of your members," he said.

Retailers had already acted to cut the 273,000 thefts from shops each year - through initiatives such as CCTV and Shopwatch schemes, he said.