VANCOUVER, Nov. 23, 2018 /CNW/ - Today the British Columbia (BC) government announced that Insurance Corporation of British Columbia (ICBC) has posted a net loss of $582 million for first six months of this fiscal year and are now forecasting a larger-than-expected loss of $890 million this fiscal year.
"Today's announcement is yet more evidence of the need for real reform – and real competition – in BC's auto insurance marketplace," said Aaron Sutherland, Vice-President, Pacific, Insurance Bureau of Canada. "Under ICBC's monopoly, British Columbians now pay more for auto insurance than drivers in the rest of Canada. In order to keep prices down and protect taxpayer dollars, the benefits of a more competitive marketplace must be included in future discussions about auto insurance in the province." He added, "Canada's private insurers are at the ready, and eager, to compete and better serve BC drivers."
Recent polling shows that 78% of British Columbians want more choice in auto insurance, and a report from earlier this year showed that drivers in BC could save up to $325 annually if ICBC's monopoly were ended and the market opened to competition.
To learn more, visit betterautoinsurancebc.ca
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 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 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
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