ICBC's monopoly is a burden taxpayers simply cannot afford
August 31, 2020 (VANCOUVER) – Despite charging the highest auto insurance premiums in the country, the Insurance Corporation of British Columbia (ICBC) continues to be a financial dumpster fire that both drivers and taxpayers simply cannot afford.
ICBC's newly released numbers – delivered today as part of the government's 2019/20 Public Accounts – show that the crown insurer's $375 million financial loss has pushed the BC government into deficit. Were it not for ICBC, the province would have ended the fiscal year with a surplus of roughly $55 million.
Whereas private insurers pay corporate taxes that support vital public services in B.C., ICBC continues to be a drain on the provincial treasury. A history of ICBC's losses since 2016, totaling in excess of $3.8 billion, are set out below:
$293 million in 2015/16
$612 million in 2016/17
$1.33 billion in 2017/18
$1.15 billion in 2018/19
$375 million in 2019/20
Now, more than ever, it's time to put a stop to this ongoing financial risk to taxpayers and end ICBC's monopoly of auto insurance in British Columbia. (IBC BAC)
