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BC Government issues immediate review board to tackle ICBC insurance rates

The on-going topic of ICBC’s basic insurance rates continues to elude British Columbians.

As a result, the provincial government has issued an immediate third party review board to make recommendations on how to make insurance rates more affordable.

Minister of Transportation and Infrastructure Todd Stone says this is a personal priority.

“We’re open and eager to see what these experts will recommend. What I can also say is that it’s not our intent to move to a privatized model; our objective is to find ways to work within our current model, and in doing so, put BC’s ratepayers first.”

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Stone says the ultimate goal is to keep rates under 4.9% to avoid future hikes.

He adds the board will be motivated by fairness and long-term sustainability.

“We’re committed to finding and implementing the best solutions possible to gain control over the rising costs of auto insurance. We’re committed to getting ICBC’s rates in line with inflation and we will build on past successes to do so.”

Stone says the second largest insurance company in the country needs to adapt their business model to the changing world.

ICBC Board Chair Barry Penner agrees and says he’s is in full co-operation with the Ministry of Transportation.

“We have already launched the process of starting to draft the terms of reference; we’ve given some direction on that to staff to assist us in terms of reference. I expect that a committee of the board will be working on this over the holidays.”

Penner says while it seems unfair to have the board work over Christmas, he believes the sooner rates gets resolved and simpler, the better outcome for all motorists and those struggling to make ends meet.

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