Canadian Underwriter

Independent review of ICBC finds potential savings

February 12, 2018   by The Canadian Press

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Photo copyright: BC government says an independent review of the public auto insurer has found millions in dollars in potential savings.

The Insurance Corporation of BC announced two weeks ago that it’s headed toward a shortfall of more than a billion dollars by the time the current fiscal year ends.

Related: IBC welcomes B.C.’s plan to cap auto insurance payouts

Attorney General David Eby now says an independent review found operational changes, including how ICBC handles fraud, could generate 60 million dollars in potential savings.

Eby says the operational changes alone aren’t enough to make ICBC sustainable, but coupled with recently announced product reforms that will kick in next year, rates should remain affordable.

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This story was originally published by Canadian Insurance Top Broker.