ICBC reduces its basic rate by 2.4%

ICBC will reduce its basic insurance rates by 2.4%, beginning Nov. 1, 2010.
The public insurer had applied to the British Columbia Utilities Commission (BCUC) for a 1.9% reduction.
BCUC noted ICBC’s operating expenses were, on average, 2.8% lower than forecasted over the past few years.
Fewer crashes in B.C. have led to a drop in the number of claims. However, the average cost of injury claims covered by basic insurance continues to rise, an ICBC release says.
The rate reduction marks the first time in more than a decade that basic rates have been reduced.