Vancouver, British Columbia — The Insurance Corporation of British Columbia has filed an application with the British Columbia Utilities Commission (BCUC) for no increase to basic insurance rates for the next two years.
“Holding firm on ICBC’s basic insurance rate for two more years will help millions of drivers with their monthly bills amid global inflation,” said David Eby, current premier for B.C.
While the corporation’s press release claimed that the introduction of Enhanced Care in May 2021 turned B.C.’s auto insurance rates into one of Canada’s most affordable, it does not comment on recent controversies facing the crown corporation.
Specifically, an ICBC funded study stating that B.C.’s auto insurance premiums were the lowest in the country were criticized by the Insurance Bureau of Canada and Alberta’s superintendent of insurance for skewing data in a way that depicts ICBC favourably.
Similarly, ICBC injury claim payouts have continued to steadily decline—all while the crown corporation sits on track to record a financial loss of $298 million for 2022.
If approved, ICBC says this will allow British Columbians to benefit from stable, affordable basic auto insurance rates for another two years.
