ICBC looking for ways to reduce a basic insurance rate increase for next year

The Insurance Corporation of B.C. (ICBC) is examining its options to reduce a basic rate increase for next year.
ICBC has advised the British Columbia Utilities Commission (BCUC) that it will file its basic rate application by the end of the year. “Filing later this year will enable the corporation to examine options to reduce a rate increase for its customers,” ICBC says in a posting on its Web site.
“An economy that is recovering faster than expected has resulted in more traffic and, when combined with a return to normal wet weather, has led to an increase in bodily injury claims, which is putting pressure on ICBC’s basic insurance rates,” B.C.’s public insurer says in a Web site post.
“There have been no rate increases for several years and ICBC remains committed to providing customers with low and stable rates.”