Victoria, British Columbia — The Insurance Bureau of Canada (IBC) has yet again called out the Insurance Corporation of British Columbia (ICBC), saying the public insurer continues to burden B.C. taxpayers.
“Despite charging the highest auto insurance premiums in the country, [ICBC] continues to be a financial dumpster fire that both drivers and taxpayers simply cannot afford,” IBC wrote in an online news release.
ICBC’s newly released numbers, delivered on Aug. 31 as part of the government’s 2019/2020 Public accounts, show that the crown insurer’s $375 million financial loss has pushed the B.C. government into deficit, said IBC.
“Were it not for ICBC, the province would have ended the fiscal year with a surplus of around $55 million,” wrote IBC.
IBC also provided a history of ICBC’s losses since 2016, totalling in excess of $3.8 billion.
“Now, more than ever, it’s time to put a stop to this ongoing financial risk to taxpayers and end ICBC’s monopoly of auto insurance in British Columbia,” concluded IBC.