VANCOUVER, July 18, 2018 /CNW/ - British Columbia (BC) drivers continue to pay the highest auto insurance premiums in the country, according to the latest figures released by the General Insurance Statistical Agency(GISA), the statistical agency for Canada's insurance regulators. In its newly released data showing the average auto insurance premiums across the country, drivers in provinces with competitive auto insurance systems continue to pay significantly less than British Columbians insured through the Insurance Corporation of British Columbia (ICBC).
"Under ICBC's monopoly, British Columbians pay the highest auto insurance prices in Canada, with premiums averaging $1,680 annually," said Aaron Sutherland, Vice-President, Pacific, Insurance Bureau of Canada (IBC). "With further rate increases on the horizon, it is critical that ICBC is opened to competition and choice to improve affordability for drivers."
The MNP report The Benefits of Competition in the Provision of Automobile Insurance in BC, commissioned by IBC and released in January 2018, demonstrates how a competitive marketplace for auto insurance would reduce premiums in BC. The report found that Canada's private insurers have developed product innovations and new ways to cut claims costs that could lower premiums for BC drivers.
"Opening BC's auto insurance marketplace to competition would save drivers up to $325 annually," added Sutherland. "Competition provides a powerful incentive for any company to deliver the best service at the best price. Auto insurance is no exception to this rule, and Canada's private insurers are eager to better serve the BC marketplace."
In a recent poll of drivers in BC, 78% said they want more choice in auto insurance. IBC believes that British Columbians deserve to be able to shop around and decide what auto insurance company best meets their coverage needs at the best price.
About Insurance Bureau of Canada Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $52 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @IBC_West and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC (1-844-227-5422).
SOURCE Insurance Bureau of Canada
For further information: IBC spokespeople are available to discuss the details in this media release. To schedule an interview, please contact: Vanessa Barrasa, Manager, Media Relations, 416-362-2031 ext. 4312, [email protected]
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000...