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Insurance Corporation of British Columbia

News InsuranceLegislation / Regulation

Major auto coverage change now in effect in this province

April 1, 2019 by Greg Meckbach

Auto coverage is changing for British Columbia motorists effective today. Accident benefits coverage from Insurance Corporation of B.C. has more than doubled from $300 per week to $740 a week. That is one of several changes – for claims made

News ClaimsInsurance

400 plus vehicles written off since acid spill on B.C. highway last year: ICBC

February 19, 2019 THE CANADIAN PRESS

TRAIL, B.C. – British Columbia’s public auto insurer says about 450 vehicles have been written off since sulphuric acid spilled along a busy commuter route near Trail, B.C., in two incidents last spring. The Insurance Corp. of B.C. says there

News ClaimsInsuranceLegislation / Regulation

B.C. auto insurer heading for billion dollar loss

February 8, 2019 THE CANADIAN PRESS

VICTORIA – British Columbia’s attorney general says the financial situation with the province’s public auto insurance agency is critical and getting worse. David Eby says the Insurance Corporation of B.C. lost $860 million for the first nine months of its

News InsuranceLegal

The changes to B.C. auto injury lawsuit rules that this review recommends

February 7, 2019 THE CANADIAN PRESS

VICTORIA – A review of legal cases involving British Columbia’s public insurer says despite public perception, the agency isn’t lowballing claimants in its settlement offers. The review conducted by legal counsel in the Ministry of the Attorney General was released

News ClaimsLegal

Judges disagree on whether this collision was a ‘true accident’

September 11, 2018 by Greg Meckbach

A motorist who is being sued by his passenger after a single-vehicle accident wants his case heard by the Supreme Court of Canada. The issue at hand is whether the single-vehicle crash was a “true accident,” in which nobody can

News Legislation / RegulationTechnology

B.C. experiments with tech that blocks handheld use while driving

March 7, 2018 Greg Meckbach, Associate Editor

A telematics trial intended to address distracted driving in British Columbia is now underway. Insurance Corporation of British Columbia said March 2 it is “working with 139 drivers” in the province on a pilot project intended to block the use

News InsuranceMarkets / Coverages

Let the private market compete in British Columbia: IBC

January 31, 2018 by Greg Meckbach

Insurance Corporation of British Columbia’s monopoly should end, Insurance Bureau of Canada said this week, but the province’s attorney general contends that competition will not result in lower premiums for B.C. vehicle owners. Opening up auto insurance to competition “does

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Auto personal accident loss ratio up for fourth year in a row in Canada: A.M. Best

September 5, 2017 by Canadian Underwriter

The auto personal accident loss ratio in Canada “remains a concern,” with Canadian auto insurers being affected by distracted driving and rising repair costs, A.M. Best Company Inc. suggested in a recent report. In 2016, ratings firm A.M. Best said

News Earnings / RatingsInsuranceLegalLegislation / Regulation

B.C. attorney general extends ICBC’s rate filing deadline by two weeks

August 31, 2017 by Canadian Underwriter

British Columbia’s attorney general announced on Thursday that he has extended by two weeks the rate filing deadline for the Insurance Corporation of British Columbia (ICBC). Attorney General and the minister responsible for ICBC, David Eby, said in a statement

News CatastrophesInsuranceMergers and Aqcuisitions

ICBC reports 124 claims and $500,000 in costs from wildfires to date

August 23, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) reported on Wednesday that it has received 124 claims to date, at a cost of $500,000, from the wildfires burning in the province. Most vehicle damage claims were related to extreme heat and smoke damage, with some vehicles even rendered as total losses, ICBC reported in a press release.
Recognizing that it is experiencing the “worst wildfire season in the province’s history,” ICBC added that it has made formal changes to its policies to reflect “these special circumstances for customers on evacuation…

News InsuranceLegalMarkets / CoveragesMergers and Aqcuisitions

More vehicle crashes, increased injury payouts and higher vehicle repair costs contributing to proposed rate hike: ICBC

August 15, 2017 Jason Contant, Online Editor

A greater number of vehicle crashes, increased injury costs and higher vehicle repair costs are all contributing to the increase in proposed insurance rates for drivers in British Columbia, the province’s Crown corporation responsible for auto insurance said on Monday.

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Intact CEO hopes B.C. is ‘starting to think about introducing more competition’ in auto insurance

August 2, 2017 by Canadian Underwriter

Nine days after Insurance Corporation of British Columbia released a report it commissioned to Ernst & Young LLP on reforming auto insurance, the chief executive officer of Intact Financial Corp. suggested it is “better to have a competitive marketplace” in