Signage for ICBC (Insurance Corporation of British Columbia) is shown in Victoria, B.C., on February 6, 2018. THE CANADIAN PRESS/Chad Hipolito

ICBC plans to freeze rate of basic car insurance for another 2 years

CEO says ICBC banking on insurance rates, global supply chain issues levelling out to cover costs

The Insurance Corporation of B.C. (ICBC) has applied to the B.C. Utilities Commission to freeze its basic rate for another two years.

The cost of ICBC’s basic vehicle insurance package hasn’t increased since 2019, when it jumped 6.3 per cent.

Speaking at the crown corporation’s headquarters in North Vancouver Monday (Dec. 12), Premier David Eby said the decision aims to help address the ever-increasing cost of living British Columbians are facing.

“The affordability of car insurance is a key part of owning a car.”

ICBC CEO Nicolas Jimenez recognized the corporation is forecast to lose close to $300 million this year, but said the decision not to hike rates is relying on future projections. Specifically, Jimenez said they expect interest rates and global supply chain issues to level out in the coming years, improving ICBC’s own financial situation.

“The business is sound and we can afford to be doing what we are today,” Jimenez said in response to skepticism.


@janeskrypnek
jane.skrypnek@blackpress.ca

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