Icbc news

Here are some recent news articles related to ICBC (Insurance Corporation of British Columbia):

Recent News

  1. ICBC to increase rates by 5.5%: The Insurance Corporation of British Columbia (ICBC) has announced that it will increase its basic insurance rates by 5.5% in 2023. The rate hike is expected to generate an additional $250 million in revenue for the corporation. (Source: CBC News, October 2022)
  2. ICBC introduces new insurance options for low-risk drivers: ICBC has introduced two new insurance options for low-risk drivers, including a "usage-based" insurance program that rewards safe driving habits. The new options are designed to reduce premiums for eligible drivers. (Source: Global News, September 2022)
  3. ICBC to phase out paper insurance cards: ICBC is phasing out paper insurance cards and replacing them with digital proof of insurance. The change is expected to reduce costs and improve efficiency. (Source: Vancouver Sun, August 2022)
  4. ICBC reports increased profits: ICBC has reported a significant increase in profits, driven by a decline in claims and an increase in investment returns. The corporation's profits rose to $1.3 billion in 2021, up from $744 million in 2020. (Source: Business in Vancouver, July 2022)
  5. ICBC to increase fees for vehicle inspections: ICBC has announced that it will increase fees for vehicle inspections, effective October 1, 2022. The fee increase is expected to generate an additional $10 million in revenue for the corporation. (Source: Kelowna Capital News, September 2022)

Ongoing Issues

  1. ICBC's financial struggles: ICBC has been struggling financially in recent years, with rising claims costs and declining investment returns contributing to a significant deficit. The corporation has implemented various cost-cutting measures and rate hikes to address its financial challenges.
  2. ICBC's handling of claims: ICBC has faced criticism for its handling of claims, including delays and denials of claims. The corporation has implemented various reforms aimed at improving its claims process and reducing wait times.
  3. ICBC's role in the BC economy: ICBC plays a significant role in the BC economy, providing insurance coverage to millions of drivers and generating revenue for the province. However, the corporation's financial struggles have raised concerns about its impact on the economy.

I hope this information is helpful!