New ICBC chair admits it’ll take time to make the corporation profitable again
Posted September 6, 2017 6:26 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – BC drivers bracing for another insurance rate hike in November are being told ICBC will eventually turn a profit again.
This latest increase is only expected to generate about $200 million worth of revenues. Last year’s losses totalled more than $560 million and next year’s deficit is expected to top $300 million.
But new ICBC Chair Joy MacPhail says, “ICBC is going to do everything they can going forward to make this a viable corporation.”
MacPhail insists improvements are on the way.
“Over the last decade, ICBC has not been allowed to explore many of the options that are available and in practice around the rest of the world. There will be some relief for drivers that are good drivers on the optional side.”
“Policy holders, customers, doctors, lawyers, [and] auto repair shops will be affected by change,” she adds.
MacPhail admits good drivers will suffer when rates go up. “The goal here is to stop crashes and make people’s lives safer.”
If approved by the BC Utilities Commission, the average driver can expect rates to go up 6.4 per cent, which works out to at least $60 a year.
BC Attorney General David Eby is suggesting another increase is likely.
