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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.

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B.C. government will no longer insure luxury cars to help eliminate pressures on basic insurance rates

November 24, 2016 by Canadian Underwriter

The government of British Columbia announced on Wednesday that it will no longer insure the high-end luxury car rate class – cars worth $150,000 and over – “so that the broader ratepayer is not subsidizing these cars.” The owners of

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Insurance rates decrease continued to moderate for third quarter in a row: Marsh

November 11, 2016 by Canadian Underwriter

The third quarter of 2016 marked the third consecutive quarter that the rate of decline for global insurance rates has moderated by weighted average, Marsh notes in its newly released Global Insurance Market Index Q3 – 2016. Pointing out that

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ICBC asks for 4.9% increase to basic insurance rates, lower than last year’s 5.5% increase

August 26, 2016 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) announced on Thursday that it will submit its 2016 basic rate application to the British Columbia Utilities Commission, asking for a 4.9% increase to basic insurance rates – lower than last year’s 5.5%