Today, Attorney General and Minister Responsible for ICBC David Eby said that the provincial government is committed to fixing systemic financial problems at ICBC to make life more affordable for British Columbians.
As one of his first actions as minister responsible, Eby requested that ICBC make public a 203-page report by the consulting firm Ernst & Young into mounting financial problems at the insurance corporation. Subsequent to the minister’s request, ICBC released the full report earlier today, which is available online.
“This report makes it clear that ICBC has been in crisis for years, something which the former Liberal government largely ignored. Rather than addressing the serious issues facing the corporation, the BC Liberals used insurance fees as a rapidly growing hidden tax. Drivers have been paying the price,” said Eby.
“I can assure British Columbians that help is finally here as our government is committed to working with the public, ICBC’s board, its executive and stakeholders to make rates affordable for people.”
The new government will consider recommendations made in the report that could reduce accidents, injuries, deaths and claim costs. Recent trends show the accident rate in B.C. is rising with a 23% increase in crashes between 2013 and 2016.
“However, I want to assure British Columbians that we are not considering photo radar or moving to a no-fault system for auto insurance,” said Eby.
“There are some obvious solutions that we will look at. For example, the former Liberal government missed such basic ones, such as ensuring good drivers are rewarded while bad drivers pay more. We will focus on finding answers that put the corporation back on stable financial footing, while maintaining our number one priority of making rates affordable,” added Eby.
- Today’s announced changes to ICBC
- ICBC posts net loss of $935 million for first nine months of fiscal year
- ICBC insurance rates the highest in Canada
- ICBC increases basic and optional rates by an average of 8%
- Crashes on the rise in B.C.; new ICBC campaign targets bad driving habits
- New B.C. government commits to fix ICBC to protect British Columbians
- The average BC driver will pay $1,970 by 2019 to prevent further ICBC financial losses
- ICBC changes basic insurance rates for multiple crash at-fault drivers
- ICBC steps up fight against auto insurance fraud in 2017
- ICBC rate increase could cost drivers an extra $42 per year
- ICBC collector status expanded to 1974 vehicles, including “muscle cars”
- ICBC applies to increase rates by another $60 per year
- Going up? ICBC insurance rates are