Keyword
ICBC
B.C. projects big savings from new minor injury cap
April 24, 2018 by Jason ContantThe Insurance Bureau of Canada (IBC) is congratulating British Columbia’s proposed legislative changes that would introduce a minor injury cap of $5,500 in the province, a move aimed at reversing the public auto insurer’s skyrocketing legal and administrative costs. The…
Two factors that may be contributing to ICBC’s poor fiscal performance
April 16, 2018 by Jason ContantThe combination of an unfriendly environment and “misguided provincial government policies” have contributed to the Insurance Corporation of British Columbia’s (ICBC) dismal financial performance, the Fraser Institute said in a new report. The report, titled The Decline and Fall of…
No push from brokers to end B.C. government monopoly on auto insurance
March 7, 2018 Greg Meckbach, Associate EditorDespite the fact that British Columbia’s government monopoly auto insurer lost almost $1 billion in the first nine months of last year alone, brokers in the province are not seeing a push from motorists to open the market to competition.…
ICBC to remodel system to reward low-risk drivers
March 6, 2018 Dirk Meissner - THE CANADIAN PRESSVICTORIA – Major shifts in direction are being considered to ensure good drivers in British Columbia receive lower insurance rates, says the minister responsible for the province’s public auto insurer. David Eby said the government introduced an online survey Monday…
How ICBC can cut auto injury claims costs by more than $20 million
February 20, 2018 by Greg MeckbachBritish Columbia’s government monopoly auto insurer could save up to $27 million a year on claims costs and reduce the risk of legal disputes by taking on a “larger role” in designing plans to treat auto collision injuries, PriceWaterhouse Coopers…
Look for ICBC to ‘behave more like a private sector company’: IBC
February 9, 2018 by Greg MeckbachWith its cap on minor injury awards announced Tuesday, British Columbia’s government monopoly auto insurer is moving towards a model used by other provinces that have private auto insurance systems, Insurance Bureau of Canada says. Awards for pain and suffering…
B.C. to introduce auto insurance pay out limits next year
February 6, 2018 The Canadian PressVICTORIA – The British Columbia government will implement a $5,500 cap on pain and suffering for pay-outs to vehicle accident victims in a move to save $1 billion a year for the province’s public auto insurer. Attorney General David Eby…
Cap on minor injury auto awards could be coming to B.C.
February 1, 2018 by Greg MeckbachBritish Columbia’s government is considering caps on awards, in auto insurance personal injury lawsuits, for pain and suffering for minor injuries, the province’s attorney general told Canadian Underwriter Tuesday. With a cap on minor injury claims, Insurance Corporation of B.C.…
One-year suspension for broker who involved unlicensed spouse in renewals
January 11, 2018 by Jason ContantB.C. broker Elliott Herrera had his license suspended for a year after the provincial regulator found that he had his unlicensed spouse assist him with insurance activities. Once his spouse had obtained an insurance licence, Herrera then provided client information…
Unidentified car claim: Court seeks ‘science’ in expert report
December 18, 2017 by Canadian UnderwriterThe Supreme Court of British Columbia has tossed out the report of a forensic engineer, which supported the public insurer’s position in an unidentified car case, saying the report relied too heavily on expert opinion and not enough on “science.”…
A researcher’s take on ICBC’s low customer satisfaction scores
December 1, 2017 Greg Meckbach, Associate EditorBritish Columbia’s monopoly auto insurer has little incentive to improve customer satisfaction, and an opposition party member is slamming the ruling New Democratic Party for not implementing recommendations made in July immediately after taking power. Insurance Corporation of British Columbia…
Provincial brokers urge “deep” review of government insurer
November 29, 2017 Greg Meckbach, Associate EditorInsurance Brokers Association of B.C. (IBABC) and a provincial cabinet minister are calling for major changes to British Columbia’s money-losing government monopoly auto insurer. But it’s been four months since the release of a consultant’s report containing specific options and…