Vancouver, British Columbia – British Columbia’s Crown auto insurer has been under fire from all sides over the past months, with the latest blow to their reputation coming from a recent report from the Fraser Institute.
The public policy think-tank’s new report indicates that ICBC’s (Insurance Corporation of British Columbia) ongoing monopoly on basic auto insurance is what is keeping premium rates so high for BC drivers, in spite of the provincial government’s efforts earlier in the year to restructure the corporation.
“The experience from other jurisdictions in Canada demonstrates how open competitive markets with multiple insurance providers can lower auto insurance rates for drivers,” said professor emeritus of economics at Simon Fraser University and Fraser Institute senior fellow John Chant.
Drivers in BC, on average, pay the highest auto insurance rates in the country.
“If the B.C. government wants to help lower auto insurance rates in the province, it should create a level playing field for other providers to compete for clients and let market forces do their work.”
