The Insurance Bureau of Canada (IBC) is once again highly criticizing the Insurance Bureau of British Columbia (ICBC) and its monopoly on requiring mandatory basic coverage for British Columbians who own and drive a motor vehicle.
IBC, which is the national industry association representing Canada's private home, car and business insurers, says that although ICBC is charging the highest auto insurance premiums in the country, it has racked up only losses since 2016.
“Were it not for ICBC, the province would have ended the fiscal year with a surplus of roughly $55 million,” IBC said in a statement.
Losses, said IBC, include: $293 million in 2015/16, $612 million in 2016/17, $1.33 billion in 2017/18, $1.15 billion in 2018/19 and $375 million in 2019/20.
“ICBC continues to be a drain on the provincial treasury,” said IBC. “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.”
While drivers must have mandatory basic coverage from ICBC they do have the choice of using private insurance for comprehensive and other insurance add-ons.
In the past, the province’s attorney general has contended that allowing more competition in the market would not result in lower premiums for B.C. vehicle owners.
