August 17, 2010 by Canadian Underwriter
ICBC reported a decrease in net income in the first half of 2010, from $277 million in 2009 H1 to $232 million.
Claims and related costs for the first six months of 2010 increased slightly to $1.48 billion, from 2009 H1’s $1.46 billion.
“The number of vehicle damage claims has dropped due to our customers’ smart driving decisions and supporting VANOC’s goal of reducing traffic during the 2010 Winter Games,” an ICBC release says.
“However, while the number of claims has gone down, the cost of the average claim continues to increase – particularly due to an upward trend in bodily injury costs.”
ICBC’s investment income was flat, year-over-year at $251 million.
The public insurer has requested permission to reduce basic insurance rates by 1.9%. If approved, it will be the first time in more than a decade that ICBC has reduced its basic insurance rates.