Catalytic thefts continue increasing: this video is crazy. . . . in daylight!
In terms of prevention, it seems there is no easy answer. Probably the most practical suggestion is to park in well-lit or monitored areas; although, the audacity of that guy in the video shows how tempting catalytic converters are for theft.
In terms of your insurance, there is coverage for theft under the comprehensive coverage if you have it. Know your deductible.
Unfortunately, there's a good bet that the increasing thefts, the increasing severity of car crashes, the increasing cost of used cars, and inflation here in the Portland metro area will continue to increase everyone's insurance rates.