Keyword
Insurance Corporation of British Columbia
The changes to B.C. auto injury lawsuit rules that this review recommends
February 7, 2019 THE CANADIAN PRESSVICTORIA – 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…
Judges disagree on whether this collision was a ‘true accident’
September 11, 2018 by Greg MeckbachA 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…
B.C. experiments with tech that blocks handheld use while driving
March 7, 2018 Greg Meckbach, Associate EditorA 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…
Let the private market compete in British Columbia: IBC
January 31, 2018 by Greg MeckbachInsurance 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…
Auto personal accident loss ratio up for fourth year in a row in Canada: A.M. Best
September 5, 2017 by Canadian UnderwriterThe 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…
B.C. attorney general extends ICBC’s rate filing deadline by two weeks
August 31, 2017 by Canadian UnderwriterBritish 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…
ICBC reports 124 claims and $500,000 in costs from wildfires to date
August 23, 2017 by Canadian UnderwriterThe 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…
More vehicle crashes, increased injury payouts and higher vehicle repair costs contributing to proposed rate hike: ICBC
August 15, 2017 Jason Contant, Online EditorA 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.…
Intact CEO hopes B.C. is ‘starting to think about introducing more competition’ in auto insurance
August 2, 2017 by Canadian UnderwriterNine 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…
EY report on reforming B.C. auto points to impending restrictions in Australia on auto accident benefits for minor injuries
July 27, 2017 by Canadian UnderwriterA report released April 11 by the Ontario finance ministry “contains many useful learnings” for British Columbia’s government-run auto insurer, Ernst & Young LLP suggested in a report released July 24. In Affordable and Effective Auto Insurance – a New…
Alternate dispute resolution, tripling accident benefits among potential solutions for B.C. auto insurance: EY
July 26, 2017 by Canadian UnderwriterThe process of suing for compensation for motor vehicle accidents “could be made far more efficient” in British Columbia, whose monopoly auto insurer’s basic accident benefits are “low compared to modern medical and rehabilitation costs” in care-based auto insurance schemes…
Insurance Corporation of B.C. financial condition ‘seriously compromised,’ Basic Autoplan needs redesign: EY
July 25, 2017 by Canadian UnderwriterThe premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…