March 28, 2011 by Canadian Underwriter
The Insurance Corporation of British Columbia invested roughly $9 million in 2010 on 280 road improvement projects throughout the province, saving itself and its customers five to 12 times that amount.
The road improvement program was launched in 1989, and since that time the ICBC has invested approximately $100 million in projects across British Columbia.
An independent evaluation in 2009 found that for every dollar invested, ICBC and its customers see a return of five to 12 times the investment.
For every dollar invested, ICBC and customers save $5.60 over two years and $12.80 over five years in reduced crash costs.
As an example, in Vancouver, ICBC invested $60,000 for enhancements that included a left turn phase improvement at Marine Drive and Fraser Street. The 2009 evaluation showed the improvements resulted in a 5% drop in property damage claims and a 41% drop in severe injury crashes, saving $907,900 over two years and $2.1 million over five years.